Sunday, June 23, 2024
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Allianz Trade’s latest report indicates ongoing challenges for the global economy, with subdued growth expected due to the cumulative impact of monetary policy tightening until the end of 2024. Global GDP growth is forecasted to slow to +2.7% in 2023 and +2.4% in 2024, with the US experiencing its slowest rate since 2009 and China expecting a gradual decline in growth.

However, amidst these trends, India stands out as a growth leader in the Asia Pacific region, projected to outpace its peers over the next decade. Allianz Trade anticipates India’s economy to grow by an average of +6.4% between 2023 and 2027, attributing this growth potential to its robust economic expansion. Recognizing India’s strategic importance, Allianz Trade has appointed a new Country Manager to support growth initiatives and plans further investments in the country.

In terms of exports, the US remains India’s largest export partner, with substantial export gains projected for 2024. Additionally, India is expected to benefit from significant export gains in software and IT services, contributing to its export growth trajectory.

Imran Khan, Country Manager for India at Allianz Trade in Asia Pacific, emphasizes India’s potential as a key growth market for various industries, fueled by its burgeoning middle class and expanding consumer spending. He underscores the importance of risk mitigation for businesses amidst this growth trajectory, highlighting Allianz Trade’s commitment to supporting Indian businesses and facilitating their growth journey.

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