Ajay Banga: “World Economy Is in A Difficult Place”

The World Bank CEO, Ajay Banga has made an insightful statement about the world economy at a global-level forum. Here are his thoughts!

What Did Ajay Banga Say?

At the G20 meeting held in Gandhinagar, Ajay Banga said, “The fact is that the world economy is in a difficult place. It has outperformed what everybody has thought but it won't mean there won't be more challenges…Forecast is not equal to destiny. We can change destiny, that's what we should think of right now.”

The reasoning that he put forth on behalf of the statement is that the World bank itself changed its forecast about the world economy last month. While the earlier projected world economy growth stood at 2.7% the world's Bank was quick enough to change it projected economy growth to 2.4% looking at the inconsistencies in the world economy.

Other Reasons for A World Economic Crisis

Many economic experts have looked into the COVID pandemic and opined that this might be a lost decade given the miserable state of affairs in many countries. The world has still not been able to overcome the global recession due to COVID. There are very few resources left with an increase in the number of dependents. The large number of bank crises that have arisen during the Covid pandemic are also proof of this phenomenon.

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