Global economy shows signs of slowing down in final quarter of 2023: RBI monthly bulletin
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The Reserve Bank of India (RBI) in its latest monthly bulletin for November 2023 has stated that the global economy shows signs of slowing down in the final quarter of 2023 as manufacturing languishes while services sector activity appears to have reached the end of its post-pandemic expansion. It also said that going forward, tightening financial conditions is a significant risk to the global outlook.
As per the bulletin, in India, the momentum of the change in GDP is sequentially expected to be higher in Q3:2023-24, with festival demand remaining ebullient. Investment demand appears to be resilient with the government’s infrastructure spending, an uptick in private capex, automation, digitalisation, and indigenisation providing a boost.
The monthly bulletin further noted that globally, there is an observable trend of tightening financing conditions for coal projects, reflecting a heightened awareness of risks associated with the energy transition. It said repurposing coal-fired power plants is a complex endeavor, but emerging climate finance tools like coal transition mechanisms can expedite the shift towards cleaner energy, despite being in a nascent stage.
