India is the fastest-growing Economy in the World. It is now the 5th largest in the world having more than $3.7 trillion in GDP. It is expected to cross 5 trillion in 2024. The world is suffering from economic crises. Many Economic scholars worldwide doubt having a recession in 2023. Somehow in some countries, it has arrived.
Impact of Recession on Other Great Economies in the World
“World of Statistics” is a global data forecaster and synthesizer. It is Hosted by the Department of Mathematics and Statistics at Georgia State University. They have come up with a ranking and percentage of the impact of the recession on various countries. The top four Economies of the World are the US, China, Japan, and Germany. As per World of Statistics, the chance of getting a recession in the US is 65%. While China, Japan, and Germany’s expectancy rate to get recession is 12.5%, 35%, and 60% respectively. Talking about India’s expectancy rate of getting recession is zero percent. While in the UK, the chance of getting a recession is 75%.
Talking about other things like GNP
India’s GNP per capita is $2,150, which is quite ok as compared to the world population. India is having highest population now, crossing China in 2023. India is a potential superpower right now. Today, Everyone in the world has their eyes on India. India has the potential to overcome the upcoming recession. Keeping the political and religious interests separate, it is the right time to focus on factors like Environment Conservation, Economic crises, etc. But to sustain the position, we have to focus on population control. It is the biggest hurdle in the social, economic, and cultural development of our nation.