The size of India’s economy has reached $3.75 trillion.
America is the world’s largest economy with 26.854 trillion dollars. China is second with $19.374 trillion, Japan third with $4.410 trillion and Germany fourth with $4.309 trillion. According to the recently released provisional estimates of NSO, India’s GDP growth in 2022-23 was 7.2 percent. The recent figures confirm that India’s economy is gaining momentum. According to the IMF, this year also India’s economy will be the fastest growing economy in the world. Factors like GST collection, manufacturing PMI and sales of auto companies indicate that India’s economy is growing rapidly.
No fear of recession
According to World of Statistics, there is no possibility of recession in India. The UK has the highest probability of recession in the world at 75 per cent. There has been a lot of turmoil in the UK economy recently. Inflation has reached its peak there. New Zealand is at number two in this list. There is a 70 percent chance of recession this year. America is at number three with 65 percent apprehension. America is the world’s largest economy and if it comes under the grip of recession, then its dire consequences can be seen all over the world.
Recession has already knocked in Europe’s largest economy Germany. There has been a decline in GDP for the second consecutive quarter. In technical language it is called recession. Italy and Canada have a 60 percent chance of recession. Similarly, it is expected to decline by 50 per cent in France, 45 per cent in South Africa, 40 per cent in Australia, 37.5 per cent in Russia, 35 per cent in Japan, 30 per cent in South Korea and 27.5 per cent in Mexico. In the case of Spain it is 25 per cent, 20 per cent in Switzerland and 15 per cent in Brazil. The world’s second largest economy China is expected to slow down this year by 12.5 percent, Saudi Arabia by five percent and Indonesia by two percent.
