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Global economy getting weaker, India, US among bright spots, says World Bank chief economist
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Moneycontrol reported Gill as saying. The good news, however, “basically ends there", he quipped.
Further explaining his position, Gill noted that growth is slowing down significantly due to the high interest rates. The point of major concern is that the growth is dampening to a much lower extent as seen before the current round of crisis, he reportedly added.
Pointing towards the US Federal Reserve's rate tightening cycle, Gill suggested that it may pinch a number of economies in the longer-run. The Fed has raised the key lending rate by 500 basis points since March last year, in a bid to combat the high inflation triggered by the surge in global commodity prices due to the Russia-Ukraine war.
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