The slowdown is real. 2019 had been the year of the global slowdown. International Monetary Fund (IMF) lowered its growth forecast also for the year by stating that the world economy is in a synchronized slowdown.
The slowdown seems to continue for the Indian economy as government data estimates that the country’s Gross Domestic Product (GDP) growth is projected to decline to 5% in the current fiscal year. How about the growth of other major countries’ economies? Let’s take a look at how the other parts of the world have performed in the said current downtrend.
But wait, more than knowing a country’s GDP growth rate, wouldn’t you want to know its GDP per capita i.e., the value of national output per person that defines the country’s standard of living and gives a real picture of the economic wellbeing.
GDP per capita is calculated by dividing GDP by the total population of the country
The above data clearly shows where India stands as far as its economic activity is concerned as compared to the rest major economies of the world.
On the other hand, India’s GDP growth graph looks like this for the past year..
As the chart depicts, there is no stop to the downtrend, it seems to continuously follow the decline. Can we still blame the slowdown of the Indian economy as an effect of global turmoil or is it more domestic in nature? Given the auto sector, housing finance, real estate, consumption have witnessed a slow lane in demand. And how are the reforms panning out, or are they?
