Impending global recession, slowdown in trade to hit exports

The looming recession in the global economy will drag down exports in spite of the free trade agreements signed or in the making, analysts said.

Faced with an awning balance of payments (BoP) gap, the country should aim to reduce its energy import, they added.

“Indian economy and exports will be moderately impacted by weak global demand and recession in large economies. Planners should aim to cut the energy import bill to improve BoP,” Ajay Srivastava, the co-founder of economic think tank GTRI, said.