The RBI Annual Report 2023 highlighted several global shocks that contributed to economic challenges in 2022 and could impact the outlook for 2023 and 2024. These include:
• Synchronized monetary policy tightening across the world: Central banks worldwide raised interest rates to combat inflation, leading to tighter financial conditions.
• Continuous elevation in food and fuel prices: Global commodity prices, especially for food and fuel, remained elevated due to various factors, including geopolitical tensions.
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