Is India facing economic recession? What Indians think

Amid global uncertainty due to geopolitical tensions, there has been an increase in pessimism among people about their country’s economic progress. In India only, around 44 per cent of people think that the country is currently in a recession, says the latest findings by Ipsos.

The latest data by the Ipsos global inflation monitor says that around 44 per cent of Indians think that their country is in recession, whereas 25 per cent believe that India is not in recession. A total of 32 per cent of the population has no opinion about Recession in India.

At a global level, nearly half of the global population, ie 49 per cent, believes that their country is facing an economic recession.

According to the inflation monitor, a maximum number of people in countries like Hungary, Thailand, and Japan believe that their economy is in recession. In the USA, around 44 per cent of people believe that the nation is facing recession, the percentage of people believing the same is 46 in Great Britain. In the index, countries like Australia, Singapore, and the Netherlands emerged as an exception where there was a higher percentage of people who believed that their country is not in recession.

What does the report say about the level of financial pressure in India?

When being asked about how financial status, only 20 per cent of Indians said that they are doing alright, whereas, 30 per cent of them said they are doing alright, and the other 27 per cent said they are just getting by. Only 6 per cent of the interviewed Indians said they are ‘finding it difficult’ to manage their finances these days. Other 11 per cent believed that they are finding it ‘quite difficult’ to manage their finances in the current scenario.

Inflation, a major cause of concern

At a global level, inflation has become a major concern for people. The survey found that 63 per cent of people across 29 nations are expecting inflation to rise over the coming year.

Expectations are highest in South Africa (83%), Argentina (78%), and Singapore (77%), although in all countries at least half of the public expects this will be the case. Most of them believe that inflation won’t return to normal levels for at least a year.

The report reflects a grim opinion of the global population on inflation which aligns with the hawkish stance of central banks across countries. Inflation is a major cause of concern in developed countries like the USA and Europe forcing their central banks to undergo multiple sessions of rate hikes. In contrast, inflation is under control in India, where RBI in its latest round of interest rate revision, abstained from hiking the interest rates.

The Global Advisor survey was conducted in 29 countries between March 24, 2023, and April 7, 2023. The Ipsos Online Panel system analysed the inputs received from around 20,570 adults aged 18-74 in Canada, Israel, Malaysia, South Africa, Turkey, and the United States, 20-74 in Indonesia and Thailand, 21-74 in Singapore, and 16-74 in all other nations.

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