Current Affairs - Economy

Germany has surpassed Japan as the world's third-largest economy due to factors such as the depreciation of the yen and Japan's recession. The yen's significant depreciation against the dollar, coupled with Japan's economic contraction in the fourth quarter, contributed to this shift. Germany's stability and economic growth further solidify its position in global rankings.

India's Wholesale Price Index (WPI) moderated to a three-month low of 0.27% in January due to decreased prices of food articles and manufacturing products. This decline marks the third consecutive month of positive territory for wholesale inflation after experiencing deflation for a significant part of the previous fiscal year.

The urban jobless rate in India for Q3FY24, as per PLFS data analysis, is 6.5%. This indicates a positive trend in urban labour markets, with a slight decrease from the previous quarter and a significant improvement from the peak observed during the Covid-affected period in FY22.

The International Energy Agency (IEA) forecasts India to become the primary driver of global oil demand growth by 2030, despite a projected decline in domestic production.

The Organization for Economic Co-operation and Development (OECD) has raised India's GDP growth forecast for FY25 to 6.2%, a slight increase from the previous estimate of 6.1%. This upward revision reflects a positive outlook for India's economic performance in the upcoming fiscal year.