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India and global growth will slow down next year. But GOI can improve things with some major reforms. Watch out for rising food prices

Many risks and uncertainties are at play in 2023. Trade tensions, rising interest rates and geopolitical tussles. There was no major economic crash yet and the world performed better in 2023 than expected.

Soft Landing Year | So much so, that S&P Global expects global gross domestic product (GDP) to grow 3.3% per year, surpassing 3.4% growth in 2022. The US, the world's largest economy, is forecast to grow at a robust 2.5%, barring a recession. In 2023, China, the second largest economy, saw its GDP rebound as Covid restrictions were lifted and the government provided massive support.

India's top economy | However, the growth story of the year has been India, with GDP growth beating the road. RBI expects the economy to print a blistering 7% this fiscal (2023-24). While global growth provided some momentum, the upside was fueled by a government-backed investment cycle and revival in the real estate and manufacturing sectors.

But as 2023 approaches, the environment has turned uncertain again.

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The views expressed above are the author's own.

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