Fact –
S&P Global Ratings cut India's economic growth forecast for the current fiscal year to 7%, but said the domestic demand-driven economy would be less affected by the global slowdown than other countries. The World Bank cut India's growth forecast to 6.5%, the IMF cut it from 7.4% to 6.8%. The Asian Development Bank also revised its forecast down to 7%, compared to 7.5% previously. The Central Bank of India estimates economic growth of 7% this fiscal year.
At a time when traditional international institutions such as the UN or WTO are struggling to respond to today's major challenges, it is becoming increasingly clear that parallel organizations can limit the fallout while multilateralism comes under strain between the United States and China. The G20 is one structure that can, or even solve problems, at least encourage dialogue that seems impossible. The meeting between Joe Biden and Xi Jinping at the Bali summit in mid-November, the first meeting between the two since the American president took office in January 2021, is one of the best illustrations of this. The latter stated at the end of their interview: “I believe that we understand each other”.
