Wednesday, May 31st, 2023

Economic recession in Germany, danger of America’s default, India became the hope of the world

Bonn/Washington: After the Corona epidemic, the economic crisis is taking a formidable form in countries around the world. Germany’s economy, which is called the engine of Europe, has come into economic recession. Germany, Europe’s largest and the world’s fourth largest economy, has now put all its strength on reducing expenditure. Due to this economic recession in Germany, the danger of getting trapped in the economic crisis of Europe is looming. Meanwhile, the danger of America’s default has become strong due to which the world is scared. In the midst of this all-round economic crisis, India has emerged as a ray of hope for the world. Rating agency Fitch has warned about America. Fitch said it would have to downgrade the US rating if lawmakers did not agree to raise the debt ceiling. The world’s second and third largest economies, China and Japan, are now in dire straits due to the threat of America’s default. In fact, China and Japan are the largest foreign investors in US government debt. Both China and Japan together hold a share of $ 2 trillion of US debt.

China started investing in US government debt in the year 2000. During that time America supported China’s inclusion in the World Trade Organization. Due to this there was a huge boom in exports. This gave China a huge amount of dollars and invested it in US government debt. US Treasury bonds are considered the safest investment on earth. At one point, China’s investment in US Treasury bonds reached $1.3 trillion.

China has been the largest foreign lender to the US for more than a decade. However, after tensions erupted during Trump’s reign, China started distancing itself from America. Japan later replaced China. Now both these countries are worried about the danger of America’s default. On one hand, where the world’s top 4 economies are in tension, on the other hand, India, the world’s fifth largest economy, has become a ray of hope for the world. The risk of the Indian economy going into recession is zero. The risk of China going into recession is up to 12.5 percent.

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