For the last several months, opponents to Narendra Modi and his BJP-led government have been shouting out aloud about the economic slowdown in India.
But India is not alone in witnessing a slowdown.
Look at the Statista graphic on projections made by OECD, the Organisation for Economic Co-operation and Development, an intergovernmental economic organisation with 36 member countries, founded in 1961 to stimulate economic progress and world trade, with its headquarters in Paris, France.
While the real GDP growth forecast for India (world’s 5th largest economy by real GDP) has been reduced by 19.4% (from 7.2% to 5.8%) in the past six months, USA (world’s largest economy) is not too behind with a 17.9% reduction. The forecast for Brazil (9th largest economy) has been reduced by a whopping 42.9%, whereas for Germany (4th largest economy), it has been reduced by 14.3%.
Overall, the world is expected to grow 9.4% slower than it was expected to grow just six months ago.
However, I do agree that a 19.4% drop is not good for India and PM Modi, as well as his economic team lead by Finance Minister Nirmala Sitharaman, should do something about it – QUICKLY.