Trade tensions between the United States and China have intensified as Beijing announced a fresh round of sanctions targeting multiple U.S.-linked entities while tightening export controls on its globally dominant drone industry.

The new measures could affect international buyers and disrupt global supply chains for commercial and industrial drones used in logistics, agriculture, surveillance, and defense. Analysts say the tighter export controls may impact pricing, availability, and innovation across global markets.

Meanwhile, Chinese consumers have reacted strongly to recent U.S. actions against certain Chinese food brands, highlighting how geopolitical disputes are increasingly influencing consumer behavior and business decisions.

China Hits U.S. With Fresh Sanctions, Tightens Drone Export Controls Amid Trade Tensions

China has announced a fresh round of sanctions targeting multiple U.S.-linked entities while tightening export controls on its globally dominant drone industry, adding another chapter to the ongoing U.S.-China trade tensions.

Beijing's stricter oversight of drone exports could affect international buyers and disrupt global supply chains across sectors including logistics, agriculture, surveillance, and defense. The move is expected to have implications for pricing, availability, and innovation in commercial drone markets.

Meanwhile, public sentiment in China has intensified following U.S. actions against certain Chinese food brands over alleged forced labor concerns. According to reports, many Chinese consumers have criticized the U.S. measures, highlighting how geopolitical disputes are increasingly influencing consumer behavior.

US-China Trade War Escalates | Beijing Targets American Entities and Drone Exports

President Donald Trump's economic strategy is facing fresh scrutiny as his administration continues using tariffs and sanctions to pressure trading partners and geopolitical rivals.

New tariffs of up to 12.5% on imports from 60 countries are now facing legal challenges, with multiple US states arguing that the administration exceeded its authority. Economists also suggest that American businesses and consumers—not foreign exporters—are paying much of the cost through higher prices.

At the same time, US sanctions on Russia have pushed Moscow to expand alternative payment systems, shadow shipping networks, and trade partnerships with countries such as China and India.

Trump's Tariffs & Sanctions Under Fire | Are US Economic Pressure Tactics Failing?

Saudi Arabia's economy has contracted 4.8% year-on-year in the second quarter, according to flash estimates, highlighting the kingdom's continued dependence on oil revenues despite years of economic diversification efforts.

The decline was driven primarily by a 24.7% drop in oil-related activities, while non-oil sectors provided only limited support. The latest figures come as geopolitical tensions across West Asia continue to influence oil production, energy markets, and global supply chains.

Although Saudi Arabia's Vision 2030 aims to reduce reliance on hydrocarbons, the latest GDP data underscores the challenges of transforming an economy still heavily tied to crude oil exports.

Saudi Arabia's Economy Shrinks 4.8% as Oil Slump and West Asia Tensions Weigh on Growth

Japan has unveiled one of its biggest economic transformation plans in decades, announcing a massive 370 trillion yen ($2.5 trillion) investment strategy through 2040. Prime Minister Sanae Takaichi's government aims to strengthen Japan's leadership in artificial intelligence, semiconductors, biotechnology, defense, clean energy, and shipbuilding while boosting long-term economic growth.

The ambitious blueprint is designed to improve productivity, reduce dependence on China, and keep Japan competitive in the global AI race. However, economists and investors are raising concerns over how the government plans to finance the enormous spending package, especially with Japan already carrying one of the world's highest public debt burdens.

Japan Unveils $2.3 Trillion Economic Plan | AI, Semiconductors & Defense Push | Wion News 

China's appetite for gold is showing no signs of slowing down. The world's largest bullion market imported around 173 tonnes of gold in June, marking the highest monthly import level since March 2024 and extending gains for the third consecutive month.

The surge comes after international gold prices corrected sharply from their early-2026 highs, encouraging investors to buy the dip. A stronger Chinese yuan also made overseas gold purchases more affordable, while commercial banks accelerated imports before a new licensing regime took effect.

China's Gold imports hit highest level since 2024 | Gold demand surges as prices fall

China's proposed export restrictions on rare earth minerals could put $6.5 trillion worth of global downstream production at risk if fully implemented. This is according to the International Energy Agency's latest global critical minerals outlook.

IEA warns: China's export controls put $6.5 trillion at risk | World Business Watch  

The International Monetary Fund (IMF), on Tuesday (January 30) improved its forecast of growth of global economy citing "resilience" from major economies including India. The updated global growth figure is 0.2 percentage points higher than its previous forecast in October. The IMF said that Indian economy may grow by 6.5&nbsp;per cent, up by 0.2 per cent.

"We had simultaneously less inflation and more growth," IMF chief economist Pierre-Olivier Gourinchas told reporters ahead of the report's publication as quoted by AFP.

"It's not just a US story. There was a lot of resilience in many, many parts of the world in the last year and going into 2024," he said, highlighting countries including China, Russia, Brazil and India.

Also Read | <a href="https://www.wionews.com/business-economy/indias-to-be-a-7-trillion-economy-by-2030-heres-what-the-finance-ministry-report-says-685122">India's to be a $7 trillion economy by 2030? Here's what the Finance Ministry report says&nbsp;</a>

Despite the fresh revision indicating hope for the global economy, the IMF has said that the global growth is likely to remain below 3.8 per cent, the recent historical average. The factors it cited were elevated interest rates, waning government support in the wake of withdrawal of the Covid pandemic and low productivity.

The world body has kept overall inflation outlook unchanged at 5.8 per cent. In advanced economies, the inflation is predicted to be 2.6 per cent this year. There is a decrease of 0.4 per cent from the forecast in October.

In case of developing economies, the average annual inflation is predicted to be 8.1 per cent. This is 0.3 percentage points up from the previous prediction.

<h2>US, China behind the boost</h2>

The IMF has said that performance by the United States and China has been behind the increased outlook. Both countries' growth prospects in 2024 saw a significant boost. This means that US and China will experience less substantial slowdown than previously predicted.

The IMF has predicted that the US economy will grow by 2.1 per cent this year.

Also Read | <a href="https://www.wionews.com/business-economy/imf-grants-argentina-extension-on-44-bn-loan-review-allowing-for-further-reforms-685069">IMF grants Argentina extension on $44 bn loan review, allowing for further reforms</a>

In absolute terms, the percentage figure is less than 2.5 per cent predicted in 2023 but IMF has attributed this to "statistical carryover effects from the stronger-than-expected growth outcome for 2023."

In case of China, its economy is expected to hit a growth of 4.6 per cent. This is down from 5.2 per cent last year but the latest figure is better than what was previously anticipated.

<h2>Gloom in Europe</h2>

Things might look brighter in the US, China and other Asian countries, the picture in Europe doesn't look very encouraging.

The IMF has highlighted "notably subdued growth in the euro area."

Among the G7 nations, Germany is on path to become the slowest-growing economy with growth of just 0.5 per cent this year. This will follow a 0.3 per cent contraction in 2023.

Watch | Why is Germany planning to try a four-day work week from February 1?

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The UK, Italy and France will see 1 per cent or less growth this year, says IMF. Spain is slightly ahead with growth forecast of 1.5 per cent.

(With inputs from agencies)

The International Monetary Fund (IMF), on Tuesday (January 30) improved its forecast of growth of global economy citing "resilience" from major economies including India.

The International Monetary Fund (IMF), on Tuesday (January 30) improved its forecast of growth of global economy citing "resilience" from major economies including India. The updated global growth figure is 0.2 percentage points higher than its previous forecast in October. The IMF said that Indian economy may grow by 6.5 per cent, up by 0.2 per cent. "We had simultaneously less inflation and more growth," IMF chief economist Pierre-Olivier Gourinchas told reporters ahead of the report's publication as quoted by AFP. "It's not just a US story. There was a lot of resilience in many, many parts of the world in the last year and going into 2024," he said, highlighting countries including China, Russia, Brazil and India. Also Read | India's to be a $7 trillion economy by 2030? Here's what the Finance Ministry report says Despite the fresh revision indicating hope for the global economy, the IMF has said that the global growth is likely to remain below 3.8 per cent, the recent historical average. The factors it cited were elevated interest rates, waning government support in the wake of withdrawal of the Covid pandemic and low productivity. The world body has kept overall inflation outlook unchanged at 5.8 per cent. In advanced economies, the inflation is predicted to be 2.6 per cent this year. There is a decrease of 0.4 per cent from the forecast in October. In case of developing economies, the average annual inflation is predicted to be 8.1 per cent. This is 0.3 percentage points up from the previous prediction. US, China behind the boost The IMF has said that performance by the United States and China has been behind the increased outlook. Both countries' growth prospects in 2024 saw a significant boost. This means that US and China will experience less substantial slowdown than previously predicted. The IMF has predicted that the US economy will grow by 2.1 per cent this year. Also Read | IMF grants Argentina extension on $44 bn loan review, allowing for further reforms In absolute terms, the percentage figure is less than 2.5 per cent predicted in 2023 but IMF has attributed this to "statistical carryover effects from the stronger-than-expected growth outcome for 2023." In case of China, its economy is expected to hit a growth of 4.6 per cent. This is down from 5.2 per cent last year but the latest figure is better than what was previously anticipated. Gloom in Europe Things might look brighter in the US, China and other Asian countries, the picture in Europe doesn't look very encouraging. The IMF has highlighted "notably subdued growth in the euro area." Among the G7 nations, Germany is on path to become the slowest-growing economy with growth of just 0.5 per cent this year. This will follow a 0.3 per cent contraction in 2023. Watch | Why is Germany planning to try a four-day work week from February 1? × The UK, Italy and France will see 1 per cent or less growth this year, says IMF. Spain is slightly ahead with growth forecast of 1.5 per cent. (With inputs from agencies)

IMF raises world economy growth forecast, pegs India’s growth at 6.5 per cent

In a noteworthy projection, Indian brokerage firm ICICI securities suggests that India could witness the emergence of not one but three companies with the potential to achieve a market value of 1 trillion rupees by 2032.

HDFC bank expected to reach Rs 1 trillion valuation soon

India home to 118k recognised start-ups; Gujarat, Karnataka, Kerala, Tamil Nadu top list.

India releases list of top start-up states; Gujarat, Karnataka, Kerala, Tamil Nadu top list

The euro zone may have entered recession in the final months of 2023. That's what the latest economic data from the region indicates. The euro zone economy remained weak in december. The composite index, a gauge of economic health, stood at 47.6. Any number below 50 indicates economic contraction.The services sector index stood at a five-month high of 48.8. But it still remained in the contraction zone.

Euro zone economy weakens in December, set to enter recession

Asia-Pacific countries, led by emerging economies, continue to show resilience amid the downturn in the Chinese economy, according to the latest economic outlook by S&amp;P Global Ratings.

"Outside of China, economies have generally held up well. Asia-Pacific continues to grow despite meagre support from external sources," says the report.

China's economic struggle to continue

China, the central figure of the region's economy, is still reeling from the downturn in the property sector. However, the report suggests that growth momentum has "slightly improved" because of policy support.

The world's second-biggest economy has announced several measures to support the property sector, constituting a quarter of China's economic output.

In addition, the Xi Jinping administration has also taken other steps to revitalise the larger economy, including approval of a $137 billion sovereign bond issue and allowing local governments to frontload part of their 2024 bond quotas.

However, more than these measures may be needed for China to escape the economic downturn.

The report predicts that China's economic growth will be 5.4 per cent in 2023. But it will fall to 4.6 per cent in 2024. Interestingly, these figures align with the International Monetary Fund's forecast for 2023 and 2024.

"Our GDP growth forecast for 2024 suggests the slack in the economy that is weighing on profit margins and prices in many sectors in China's economy will persist next year," notes the report.

Asia-Pacific region shows resilience.

While the overall picture is not rosy, the Asia Pacific region has been able to withstand the global economic slowdown.

The region is expected to grow by 4.7 per cent in 2023, just 0.1 per cent higher than the IMF forecast of 4.6 per cent growth.

Next year, growth is likely to fall to 4.4 per cent, according to the report.

Emerging economies are the region's stars, with India, Indonesia, Malaysia, and the Philippines standing out from the rest due to strong domestic demand.

"Growth this year and next is on track to be the strongest in emerging market economies," says the report.

It also notes that India will continue to grow by 6.4 per cent in 2024, remaining the fastest-growing emerging economy in the region.

Developed economies like Japan, South Korea and Taiwan have been able to withstand the downturn through robust labour markets and service sectors.

One big catalyst for these developed economies has been the surge in the semiconductor sector, which is likely to remain strong next year, too.

Nevertheless, growth in the Asia Pacific region will be the lowest among developed countries for two reasons: weak global trade and high-interest rates.

The larger outlook

The report says that risks remain for the Asia-Pacific region.

A lot will depend on the economic trajectory embarked on by China and Europe in 2024.

Any unexpected increases in inflation in the United States will force the Federal Reserve to continue with its tight monetary policy, exacerbating the pressure on Asian currencies and markets.

Geopolitical risks emanating from the Ukraine war and tensions in West Asia will likely continue impacting commodity and energy prices.

This will stoke inflation, increase external deficits, and trigger a domino effect on the world economy.

"Risks remain, but so too does the potential for growth in the region," the report ends on a positive note. &nbsp;

Asia-Pacific countries, led by emerging economies, continue to show resilience amid the downturn in the Chinese economy, according to the latest economic outlook by S&P Global Ratings.

Asia-Pacific countries, led by emerging economies, continue to show resilience amid the downturn in the Chinese economy, according to the latest economic outlook by S&P Global Ratings. "Outside of China, economies have generally held up well. Asia-Pacific continues to grow despite meagre support from external sources," says the report. China's economic struggle to continue China, the central figure of the region's economy, is still reeling from the downturn in the property sector. However, the report suggests that growth momentum has "slightly improved" because of policy support. The world's second-biggest economy has announced several measures to support the property sector, constituting a quarter of China's economic output. In addition, the Xi Jinping administration has also taken other steps to revitalise the larger economy, including approval of a $137 billion sovereign bond issue and allowing local governments to frontload part of their 2024 bond quotas. However, more than these measures may be needed for China to escape the economic downturn. The report predicts that China's economic growth will be 5.4 per cent in 2023. But it will fall to 4.6 per cent in 2024. Interestingly, these figures align with the International Monetary Fund's forecast for 2023 and 2024. "Our GDP growth forecast for 2024 suggests the slack in the economy that is weighing on profit margins and prices in many sectors in China's economy will persist next year," notes the report. Asia-Pacific region shows resilience. While the overall picture is not rosy, the Asia Pacific region has been able to withstand the global economic slowdown. The region is expected to grow by 4.7 per cent in 2023, just 0.1 per cent higher than the IMF forecast of 4.6 per cent growth. Next year, growth is likely to fall to 4.4 per cent, according to the report. Emerging economies are the region's stars, with India, Indonesia, Malaysia, and the Philippines standing out from the rest due to strong domestic demand. "Growth this year and next is on track to be the strongest in emerging market economies," says the report. It also notes that India will continue to grow by 6.4 per cent in 2024, remaining the fastest-growing emerging economy in the region. Developed economies like Japan, South Korea and Taiwan have been able to withstand the downturn through robust labour markets and service sectors. One big catalyst for these developed economies has been the surge in the semiconductor sector, which is likely to remain strong next year, too. Nevertheless, growth in the Asia Pacific region will be the lowest among developed countries for two reasons: weak global trade and high-interest rates. The larger outlook The report says that risks remain for the Asia-Pacific region. A lot will depend on the economic trajectory embarked on by China and Europe in 2024. Any unexpected increases in inflation in the United States will force the Federal Reserve to continue with its tight monetary policy, exacerbating the pressure on Asian currencies and markets. Geopolitical risks emanating from the Ukraine war and tensions in West Asia will likely continue impacting commodity and energy prices. This will stoke inflation, increase external deficits, and trigger a domino effect on the world economy. "Risks remain, but so too does the potential for growth in the region," the report ends on a positive note.

Emerging economies will be the stars of the Asia-Pacific region. Here's why

A senior European official, briefing reporters on the condition of anonymity, said on Wednesday (September 27) that US President Joe Biden is preparing to host European Union chiefs Charles Michel and Ursula von der Leyen in Washington on October 20.

AFP reported citing the official that there has been "good discussion" over the summit and that the EU side was "hopeful" of a breakthrough over many issues.

Last EU-US summit took place in Brussels in June 2021. In March last year, Biden was a guest of the 27 EU member state leaders during European Council meeting.

The goal of the upcoming summit is to reinforce the trans-Atlantic partnership to better fight crises like climate change and at the same time, balancing the world economy.

The US and the EU are on the same page on range of issues. It is expected that a strong message of unity will be sent especially in the face of Russia's invasion of Ukraine.

However, differences remain between the two sides over issues like tariffs imposed by Trump administration on steel and aluminium from Europe.

The tariffs have been suspended. But they mau come back into force by next month-end if the US and the EU do not agree over a lasting solution over this issue.

Europe has also expressed concerns over Biden's $370 billion Inflation Reduction Act (IRA), fearing its subsidies for clean energy tech will lead to all US firms out-competing their European rivals. &nbsp;

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

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&nbsp;

A senior European official, briefing reporters on the condition of anonymity, said on Wednesday (September 27) that US President Joe Biden is preparing to host European Union chiefs Charles Michel and Ursula von der Leyen in Washington on October 20.

A senior European official, briefing reporters on the condition of anonymity, said on Wednesday (September 27) that US President Joe Biden is preparing to host European Union chiefs Charles Michel and Ursula von der Leyen in Washington on October 20. AFP reported citing the official that there has been "good discussion" over the summit and that the EU side was "hopeful" of a breakthrough over many issues. Last EU-US summit took place in Brussels in June 2021. In March last year, Biden was a guest of the 27 EU member state leaders during European Council meeting. The goal of the upcoming summit is to reinforce the trans-Atlantic partnership to better fight crises like climate change and at the same time, balancing the world economy. The US and the EU are on the same page on range of issues. It is expected that a strong message of unity will be sent especially in the face of Russia's invasion of Ukraine. However, differences remain between the two sides over issues like tariffs imposed by Trump administration on steel and aluminium from Europe. The tariffs have been suspended. But they mau come back into force by next month-end if the US and the EU do not agree over a lasting solution over this issue. Europe has also expressed concerns over Biden's $370 billion Inflation Reduction Act (IRA), fearing its subsidies for clean energy tech will lead to all US firms out-competing their European rivals.  You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

US-EU summit to take place in Washington on October 20, says EU official

As interest rates rise and China’s economic recovery disappoints, the global economy is predicted to slow down, according to a report by Bloomberg.

The most recent OECD (The Organisation for Economic Cooperation and Development) predictions indicate that growth, which was already "sub-par" this year at 3 per cent, will slow to 2.7 per cent in 2024. That would represent the weakest yearly expansion since the global financial crisis, with the exception of 2020, when Covid struck.

Bloomberg quoted the OECD Chief Economist Clare Lombardelli as saying during a news conference on Tuesday that "high inflation continues to unwind, but the world economy remains in a difficult place." "Inflation and slow growth present us with a double challenge," she added.

The Paris-based group issued a warning that risks to its estimate are biassed to the downside because prior rate hikes may have had a bigger impact than anticipated and because inflation may turn out to be persistent, necessitating additional monetary tightening. China's problems were referred to as a "key risk" for global output.

Global GDP is anticipated to decline after a stronger-than-expected start to 2023, aided by reduced energy prices and China's reopening, according to the OECD. The effects of tighter monetary policy are becoming more apparent, consumer and corporate confidence are declining, and China's recovery is losing steam.

The bleak picture will put central bankers to the test as the economy continues to be impacted by their efforts to combat inflation, and politicians worry that activity is being stifled.

Despite indicating that the peak may have been reached, the European Central Bank announced its tenth consecutive hike last week. On Wednesday, the Federal Reserve is anticipated to do nothing.

The OECD warned against slowing down as core price increases remained persistent in several countries despite declining headline indicators. Rate reductions are unlikely to happen until "well into 2024," according to the report.

"Monetary policy needs to remain restrictive until there are clear signs that underlying inflation pressures have durably abated," Bloomberg quoted the OECD as saying.

Based on their exposure and whether they are importers or exporters of the fossil fuel, Lombardelli said that certain countries have experienced a slight increase in inflation as a result of the 25 per cent increase in oil prices since May.

According to her, countries would certainly not be pleased about this. "Oil prices will continue to be potentially volatile through this period. That’s why we’ve highlighted it as one of the risks. The impact obviously will be, as we have learned, a squeezing on household budgets and on demand.”

Germany will experience a 0.2 per cent decline in 2023, making it the only G-20 country other than Argentina to experience a downturn, according to the OECD's analysis of regional and national outlooks. The OECD also lowered its growth projections for the euro-area for this year and next. Even if the US economy would grow more quickly than expected in June, it will drop to 1.3 per cent in 2024 from 2.2 per cent in 2023.

The sharpest growth downgrades were seen in China, where output is projected to increase by less than 5 per cent next year due to weak domestic demand and structural difficulties in the real estate markets. According to the OECD, China's options for providing effective policy support may be more constrained than in the past.

The group cautioned against governments using additional spending to boost growth. Instead, it recommended reducing support to make way for upcoming investment difficulties and prevent fuelling the inflation that central banks are trying to control.

&nbsp;(With inputs from Bloomberg)

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As interest rates rise and China’s economic recovery disappoints, the global economy is predicted to slow down, according to a report by Bloomberg. The most recent OECD (The Organisation for Economic Cooperation and Development) predictions indicate that growth, which was already "sub-par" this year at 3 per cent, will slow to 2.

As interest rates rise and China’s economic recovery disappoints, the global economy is predicted to slow down, according to a report by Bloomberg. The most recent OECD (The Organisation for Economic Cooperation and Development) predictions indicate that growth, which was already "sub-par" this year at 3 per cent, will slow to 2.7 per cent in 2024. That would represent the weakest yearly expansion since the global financial crisis, with the exception of 2020, when Covid struck. Bloomberg quoted the OECD Chief Economist Clare Lombardelli as saying during a news conference on Tuesday that "high inflation continues to unwind, but the world economy remains in a difficult place." "Inflation and slow growth present us with a double challenge," she added. The Paris-based group issued a warning that risks to its estimate are biassed to the downside because prior rate hikes may have had a bigger impact than anticipated and because inflation may turn out to be persistent, necessitating additional monetary tightening. China's problems were referred to as a "key risk" for global output. Global GDP is anticipated to decline after a stronger-than-expected start to 2023, aided by reduced energy prices and China's reopening, according to the OECD. The effects of tighter monetary policy are becoming more apparent, consumer and corporate confidence are declining, and China's recovery is losing steam. The bleak picture will put central bankers to the test as the economy continues to be impacted by their efforts to combat inflation, and politicians worry that activity is being stifled. Despite indicating that the peak may have been reached, the European Central Bank announced its tenth consecutive hike last week. On Wednesday, the Federal Reserve is anticipated to do nothing. The OECD warned against slowing down as core price increases remained persistent in several countries despite declining headline indicators. Rate reductions are unlikely to happen until "well into 2024," according to the report. "Monetary policy needs to remain restrictive until there are clear signs that underlying inflation pressures have durably abated," Bloomberg quoted the OECD as saying. Based on their exposure and whether they are importers or exporters of the fossil fuel, Lombardelli said that certain countries have experienced a slight increase in inflation as a result of the 25 per cent increase in oil prices since May. According to her, countries would certainly not be pleased about this. "Oil prices will continue to be potentially volatile through this period. That’s why we’ve highlighted it as one of the risks. The impact obviously will be, as we have learned, a squeezing on household budgets and on demand.” Germany will experience a 0.2 per cent decline in 2023, making it the only G-20 country other than Argentina to experience a downturn, according to the OECD's analysis of regional and national outlooks. The OECD also lowered its growth projections for the euro-area for this year and next. Even if the US economy would grow more quickly than expected in June, it will drop to 1.3 per cent in 2024 from 2.2 per cent in 2023. The sharpest growth downgrades were seen in China, where output is projected to increase by less than 5 per cent next year due to weak domestic demand and structural difficulties in the real estate markets. According to the OECD, China's options for providing effective policy support may be more constrained than in the past. The group cautioned against governments using additional spending to boost growth. Instead, it recommended reducing support to make way for upcoming investment difficulties and prevent fuelling the inflation that central banks are trying to control. (With inputs from Bloomberg) WATCH WION LIVE HERE

Rate hikes set to slow down world economy: OECD report

India is among the top five world economies racing to achieve net zero emissions, a report by Brussels-based think tank Strategic Perspectives has said.

Net zero is an ideal state where the amount of greenhouse gas (GHG) released into the atmosphere is balanced out by the amount of GHG removed. It can be achieved through a combination of emission reduction and emission removal.

<o:p></o:p>

The report titled 'Competing in the new zero-carbon industrial era' compares the performance of five major economies — US, China, EU, India, and Japan— on zero-carbon technologies.<o:p></o:p>

“The manufacturing and deployment of zero-carbon technologies can create jobs, and result in competitive advantages and the reduction of emissions in key sectors. These net-zero transition plans can lead to a new industrial era that will be known for its zero-carbon technologies,” it said.<o:p></o:p>

The authors of the report, however, pointed out that it would be unwise to compare India’s efforts to other economies because it has taken a different entry position on economic development.

“If additional investments can be secured, India can fulfil its ambitions of becoming a significant part of the global net-zero supply chain, and benefit from the transition in the near future,” it said.

<h2>India's RBI to expand digital rupee use</h2>

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<o:p></o:p>

Here are some of the key points mentioned in the report that highlight India’s efforts in the race to achieve zero-carbon emissions.<o:p></o:p>

<ul>
	<li>India is making progress in incorporating solar and wind into its electricity generation, almost doubling its share from 2017 figures (5 per cent to 9 per cent). <o:p></o:p></li>
	<li>The electric vehicle industry is expected to grow at a compound annual growth rate of 49 per cent between 2022 and 2030 creating 50 million jobs by 2030. <o:p></o:p></li>
	<li>Electric two-wheelers will play a big part in the global EV market: India already has a fleet of 4 million EV two-wheelers in 2022, which is projected to rise to 6 million by 2024<o:p></o:p></li>
</ul>

The report notes that India has a significant potential to grow its importance in the global new industrial transition, but added that it must scale up investments in R&amp;D, and “not solely rely on tech transfer and Chinese imports”.

<o:p>Also read |&nbsp;<a href="https://www.wionews.com/world/us-president-joe-biden-tests-covid-negative-all-set-to-visit-india-for-g20-632768">US President Joe Biden tests Covid negative, all set to visit India on Sept 7 for G20 Summit</a></o:p>

"While China and the EU continue to lead in the wind sector, the US and India are following each other closely in terms of manufacturing capacities and could continue gaining market shares as their respective domestic policies are implemented," the report stated.

<o:p></o:p>

Also read |&nbsp;‘<a href="https://www.wionews.com/india-news/asean-centrality-is-a-central-point-mea-ahead-of-pm-modis-short-visit-to-indonesia-632612">ASEAN centrality is a central point…’: India ahead of PM Modi’s ‘short visit’ to Indonesia</a>

“India still faces a different set of challenges, however with committed financial support from the developed economies, India can meet its net zero commitments faster,” it states.<o:p></o:p>

This G20, India is likely to push for the global green development agreement which will include climate finance, Mission LiFE is 'Lifestyle for Environment', circular economy, accelerating progress on SDGs, energy transitions and energy security.<o:p></o:p>

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India is among the top five world economies racing to achieve net zero emissions, a report by Brussels-based think tank Strategic Perspectives has said. Net zero is an ideal state where the amount of greenhouse gas (GHG) released into the atmosphere is balanced out by the amount of GHG removed.

India is among the top five world economies racing to achieve net zero emissions, a report by Brussels-based think tank Strategic Perspectives has said. Net zero is an ideal state where the amount of greenhouse gas (GHG) released into the atmosphere is balanced out by the amount of GHG removed. It can be achieved through a combination of emission reduction and emission removal. The report titled 'Competing in the new zero-carbon industrial era' compares the performance of five major economies — US, China, EU, India, and Japan— on zero-carbon technologies. “The manufacturing and deployment of zero-carbon technologies can create jobs, and result in competitive advantages and the reduction of emissions in key sectors. These net-zero transition plans can lead to a new industrial era that will be known for its zero-carbon technologies,” it said. The authors of the report, however, pointed out that it would be unwise to compare India’s efforts to other economies because it has taken a different entry position on economic development. “If additional investments can be secured, India can fulfil its ambitions of becoming a significant part of the global net-zero supply chain, and benefit from the transition in the near future,” it said. India's RBI to expand digital rupee use Here are some of the key points mentioned in the report that highlight India’s efforts in the race to achieve zero-carbon emissions. India is making progress in incorporating solar and wind into its electricity generation, almost doubling its share from 2017 figures (5 per cent to 9 per cent). The electric vehicle industry is expected to grow at a compound annual growth rate of 49 per cent between 2022 and 2030 creating 50 million jobs by 2030. Electric two-wheelers will play a big part in the global EV market: India already has a fleet of 4 million EV two-wheelers in 2022, which is projected to rise to 6 million by 2024 The report notes that India has a significant potential to grow its importance in the global new industrial transition, but added that it must scale up investments in R&D, and “not solely rely on tech transfer and Chinese imports”. Also read | US President Joe Biden tests Covid negative, all set to visit India on Sept 7 for G20 Summit "While China and the EU continue to lead in the wind sector, the US and India are following each other closely in terms of manufacturing capacities and could continue gaining market shares as their respective domestic policies are implemented," the report stated. Also read | ‘ASEAN centrality is a central point…’: India ahead of PM Modi’s ‘short visit’ to Indonesia “India still faces a different set of challenges, however with committed financial support from the developed economies, India can meet its net zero commitments faster,” it states. This G20, India is likely to push for the global green development agreement which will include climate finance, Mission LiFE is 'Lifestyle for Environment', circular economy, accelerating progress on SDGs, energy transitions and energy security. WATCH WION LIVE HERE

India among top five world economies racing to achieve net zero emissions: Report

The International Monetary Fund has raised its 2023 global growth estimates slightly. This is after the world recorded resilient economic activity in the first quarter. However, it warned that persistent challenges were dampening the medium-term outlook. The world economy is now projected to grow at 3.0% in 2023. That's up 0.2 percentage point from its April forecast. Its outlook for 2024 remained unchanged, which was also at 3.0%.

IMF provides a glimmer of hope | World DNA

According to a recent UN estimate, the Indian economy is predicted to grow by 6.7% in 2024, emerging as one of the few bright spots while most nations across the world have entered a slow recession. Watch to know more in this exclusive interview with Ambreesh Baliga.

Indian economy expected to grow 6.7 per cent in 2024, says UN report

While most countries across the globe have entered a slow recession, the Indian economy is expected to grow by 6.7 per cent in the calendar year 2024, emerging as one of the few bright spots, a new UN report has revealed. The World Economic Situation and Prospects as of mid-2023 report released on Tuesday said India's economy is expected to expand by 5.8 per cent in 2023 and 6.7 per cent in 2024.

India a bright spot in world economy, India to grow 6.7% in 2024 says UN

The World Bank has cut the global growth forecast for 2023 to 1.7 per cent from 2.9 per cent, while issuing a warning that the world is at risk of a recession.

It has cut growth estimates of almost every developed country and nearly 70 per cent of emerging and developing countries.

The Washington-based institution has cited a combination of factors like high inflation, rising interest rates, lower investment and Russia’s invasion of Ukraine&nbsp;as threats to growth, apart from China’s Covid-related disruptions and stress in its real-estate sector, for lowering its estimate.

“Global growth has slowed to the extent that the global economy is perilously close to falling into recession,” the World Bank said in its latest report.

It further warned that any fresh setback, such as escalating global tensions, high inflation, rising interest rate, could further derail the global economy and could result in a second recession in three years.

The World Bank forecasts US GDP to grow 0.5 per cent compared to last year, and expects now growth for the European bloc.

<h2>Gravitas: IMF: Global economy faces a tougher year</h2>

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It predicts China’s GDP to grow 4.3 per cent in 2023, an uptick from 2.7 per cent growth last year.

The Russian economy is expected to contract 3.3 per cent in 2023 from 3.5 per cent last year, as sanctions will take a toll on spending and investment, the bank said.

The bank called for a “major increase” in investment for developing nations, including new financing from the international community and from the repurposing of existing spending, such as inefficient agricultural and fuel subsidies.

“Even though the world is now in a very tight spot, there should be no room for defeatism,” &nbsp;David Malpass, president of the World Bank, said.

“There are significant reforms that could be undertaken now to strengthen the rule of law, improve the outlook and build stronger economies with more robust private sectors and better opportunities for people.”

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The World Bank has cut the global growth forecast for 2023 to 1.7 per cent from 2.9 per cent, while issuing a warning that the world is at risk of a recession. It has cut growth estimates of almost every developed country and nearly 70 per cent of emerging and developing countries.

The World Bank has cut the global growth forecast for 2023 to 1.7 per cent from 2.9 per cent, while issuing a warning that the world is at risk of a recession. It has cut growth estimates of almost every developed country and nearly 70 per cent of emerging and developing countries. The Washington-based institution has cited a combination of factors like high inflation, rising interest rates, lower investment and Russia’s invasion of Ukraine as threats to growth, apart from China’s Covid-related disruptions and stress in its real-estate sector, for lowering its estimate. “Global growth has slowed to the extent that the global economy is perilously close to falling into recession,” the World Bank said in its latest report. It further warned that any fresh setback, such as escalating global tensions, high inflation, rising interest rate, could further derail the global economy and could result in a second recession in three years. The World Bank forecasts US GDP to grow 0.5 per cent compared to last year, and expects now growth for the European bloc. Gravitas: IMF: Global economy faces a tougher year It predicts China’s GDP to grow 4.3 per cent in 2023, an uptick from 2.7 per cent growth last year. The Russian economy is expected to contract 3.3 per cent in 2023 from 3.5 per cent last year, as sanctions will take a toll on spending and investment, the bank said. The bank called for a “major increase” in investment for developing nations, including new financing from the international community and from the repurposing of existing spending, such as inefficient agricultural and fuel subsidies. “Even though the world is now in a very tight spot, there should be no room for defeatism,” David Malpass, president of the World Bank, said. “There are significant reforms that could be undertaken now to strengthen the rule of law, improve the outlook and build stronger economies with more robust private sectors and better opportunities for people.” WATCH WION LIVE HERE:

‘Perilously close to falling into recession’: World Bank cuts 2023 global growth to 1.7%

International Monetary Fund chief Kristalina Georgieva has said that 2023 is going to be a tough year for the global economy as the United States, China and Europe are experiencing a slowdown.

Third of world in recession this year, warns IMF head

According to the Centre for Economics and Business Research &nbsp;(CEBR), the world faces a recession in 2023. Higher borrowing costs, which are intended to tackle inflation, will cause a number of economies to shrink.&nbsp;

CEBR, one of the UK's leading economics consultancies, mentioned in its latest reports that as predicted 12 months ago, world GDP in USD terms rose above $100 trillion for the first time ever in 2022. Further, it is projected to reach $207 trillion by the end of our forecast horizon in 2037.&nbsp;

CEBR reports further mentioned that in its annual World Economic League Table (WELT), the global economy surpassed $100 trillion for the first time in 2022. However, the report by the British consultancy stated that the world will stall in 2023 as policymakers continue their fight against soaring prices.&nbsp;

Kay Daniel Neufeld, director and head of Forecasting at CEBR, said, "It's likely that the world economy will face recession next year as a result of the rises in interest rates in response to higher inflation."&nbsp;

Last year, the report predicted that struck more or less an optimistic tone as the vaccination campaign against COVID-19 was underway globally. It was expected that there will be normal levels of economic activity despite the Omicron wave and easing lockdown restrictions.&nbsp;

The report mentioned that Russia's invasion of Ukraine in February led to massive economic, food, and fuel crises, eventually rising in price globally.&nbsp;

WATCH |&nbsp;World economy is headed for a recession in 2023&nbsp;

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CEBR report noted, "Inflation has become the main economic story of the past year and even though we are starting to see price growth decelerating in some economies, volatility in global energy markets and entrenched core inflation suggest that it will remain front and centre in 2023 as well."&nbsp;

The report added, "The battle against inflation is not won yet. We expect central bankers to stick to their guns in 2023 despite the economic costs. The cost of bringing inflation down to more comfortable levels is a poorer growth outlook for a number of years to come."&nbsp;

As per the report, China is now not set to overtake the US as the world's largest economy until 2036 at the earliest, which is six years later than expected.&nbsp;

The report also mentioned that it is predicted that India will become the third $10 trillion economy in 2035 and the world's third-largest by 2032.

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According to the Centre for Economics and Business Research (CEBR), the world faces a recession in 2023. Higher borrowing costs, which are intended to tackle inflation, will cause a number of economies to shrink.

According to the Centre for Economics and Business Research (CEBR), the world faces a recession in 2023. Higher borrowing costs, which are intended to tackle inflation, will cause a number of economies to shrink. CEBR, one of the UK's leading economics consultancies, mentioned in its latest reports that as predicted 12 months ago, world GDP in USD terms rose above $100 trillion for the first time ever in 2022. Further, it is projected to reach $207 trillion by the end of our forecast horizon in 2037. CEBR reports further mentioned that in its annual World Economic League Table (WELT), the global economy surpassed $100 trillion for the first time in 2022. However, the report by the British consultancy stated that the world will stall in 2023 as policymakers continue their fight against soaring prices. Kay Daniel Neufeld, director and head of Forecasting at CEBR, said, "It's likely that the world economy will face recession next year as a result of the rises in interest rates in response to higher inflation." Last year, the report predicted that struck more or less an optimistic tone as the vaccination campaign against COVID-19 was underway globally. It was expected that there will be normal levels of economic activity despite the Omicron wave and easing lockdown restrictions. The report mentioned that Russia's invasion of Ukraine in February led to massive economic, food, and fuel crises, eventually rising in price globally. WATCH | World economy is headed for a recession in 2023 × CEBR report noted, "Inflation has become the main economic story of the past year and even though we are starting to see price growth decelerating in some economies, volatility in global energy markets and entrenched core inflation suggest that it will remain front and centre in 2023 as well." The report added, "The battle against inflation is not won yet. We expect central bankers to stick to their guns in 2023 despite the economic costs. The cost of bringing inflation down to more comfortable levels is a poorer growth outlook for a number of years to come." As per the report, China is now not set to overtake the US as the world's largest economy until 2036 at the earliest, which is six years later than expected. The report also mentioned that it is predicted that India will become the third $10 trillion economy in 2035 and the world's third-largest by 2032. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

The global economy is headed for a recession in 2023: Report

The world is headed for a recession in 2023, according to the Centre for Economics and Business Research (CEBR). Fresh borrowing costs aimed at tackling inflation cause a number of economies to contract.

Reports: World economy is headed for a recession in 2023

The International Monetary Fund said on Sunday that the global economic outlook is even gloomier than projected last month. It cited a steady worsening in purchasing manager surveys in recent months

WION Business News | Global economic outlook getting `gloomier`, says IMF

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