India's economy is currently one of the fastest growing economies in the world. India has set the distance to become the fifth largest economy in the world, leaving Britain behind. On the contrary, the condition of entire Europe is bad. It is so bad that Europe's economic growth has become 'zero'. After all, what is the truth behind this…?
Europe's economy has failed to pick up pace even in October-December 2023. It has been more than a year now that Europe's economy has been in a state of stagnation. Europe's economic growth rate has been zero in October-December 2023. Whereas even in October-December 2022, Europe's GDP growth was only 0.1 percent.
Situation created due to slow economy of Germany
Eurostat, the European Union's statistics unit, released quarterly figures on Tuesday. It has been said that due to rising fuel prices, increasing debt and softening of the situation in Germany, the economy of the entire Europe remains stand still. The economic situation in the 20 countries using Euro currency remains very bad since July 2022. Europe's economy grew at the rate of 0.5 percent in July-September 2022.
Chances will remain the same in 2024 also
Experts believe that even in the year 2024, there is little possibility of the situation improving for Europe. In January, maritime trade through the Red Sea became vulnerable to terrorist attacks. It is likely to have an impact on the European economy. However, despite all this, the level of unemployment in European countries is quite low.
The glory of Indian economy
Soon India is going to present the major budget of its next decade. Meanwhile, the situation of economic growth of the country remains good. According to the latest data of the National Statistical Office, India's economic growth rate is estimated to be 7.3 percent in the financial year 2023-24.
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