The International Monetary Fund report titled ‘World Economic Outlook 2022: Countering the Cost-of-Living Crisis,’ released in October 2022, warns all countries, including India, of an impending economic downturn. The Report points out that with the gradual withdrawal of pandemic-era expansionary monetary and fiscal policies, economies of an increasing number of countries are experiencing either a contraction or at least a slowdown. Record inflation, tightening monetary and fiscal policies, Russia’s invasion of Ukraine, and the never-ending Covid-19 pandemic, all have combined to produce an environment of hunger and want in poorer countries and a cost-of-living crisis in advanced ones. (Read More)
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