India To Benefit From Supply-Chain Changes: World Economic Forum The report suggests that more than 90% of the chief economists expected at least moderate growth in both East Asia and Pacific and South Asia
By Teena Jose
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The World Economic Forum, published on Monday, said that India is likely to benefit from the ongoing-supply chain changes. Other countries likely to benefit from supply-chain changes are Vietnam, Thailand, Indonesia, Mexico, Turkey and Poland.
In its latest Chief Economists Outlook, the World Economic Forum said economists expect both growth and inflation dynamics to vary widely across regions. On the economic policy front, 72% predict proactive industrial policy to become an increasingly widespread phenomenon over the next three years.
The economists unanimously expect changes in the structure of global supply chains over the next three years. On a deeper note, more than 90% of the chief economists expected at least moderate growth in both East Asia and Pacific and South Asia. On a sectoral basis, the chief economists listed a range of industries where they expect supply chain changes to be most pronounced, including semiconductors, green energy, automotive, pharmaceuticals, food, energy and the broad technology category.
According to the quarterly survey, conducted during March-April 2023 among the WEF's Community of Chief Economists, the regions most likely to benefit from supply-chain changes are South Asia, East Asia and Pacific, Latin America and the Caribbean, and the US.
The May 2023' Chief Economists Outlook' is published amid continuing uncertainty in the global economy. The series of reports draws on the individual and collective perspectives of a group of leading chief economists through consultations with the World Economic Forum's Chief Economists Community and a regular Chief Economists Survey. This latest edition of the Chief Economist Outlook explores the key trends in the economic environment, including the prospects for growth, inflation and monetary policy.
According to a significant majority of the chief economists surveyed, it is reported that the recent turbulence in the financial sector is not a sign of systemic vulnerability, but further disruption is considered likely this year. Furthermore in the financial sector, around 67% of economists expect bank failures or other serious financial disruptions in 2023.
The survey was released ahead of the WEF's Growth Summit, taking place in Geneva on May 2-3, which is expected to discuss the global growth outlook, hotspots in the global economy, and questions of competition and cooperation, as well as employment, skills and equity.
