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Either G20 cooperates or banking crisis deepens, says Jeffery Sachs

'The year 2023 was already shaping up to be a difficult year, even before the banking crisis'

Arup Roychoudhury Kumarakom

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Jeffery Sachs

4 min read Last Updated : Mar 30 2023 | 11:20 PM IST

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India can hold the role of being the world’s fastest-growing major economy over the next decade and sustain at above 7 per cent gross domestic product growth, says renowned economist JEFFERY SACHS, who is director of the Center for Sustainable Development at Columbia University and President of the UN Sustainable Development Solutions Network.

In conversation with Arup Roychoudhury on the sidelines of the Group of Twenty (G20) Sherpa meeting in Kumarakom, Sachs says the global economic outlook for 2023 has been made more difficult due to the current financial crisis and that the G20 nations need to cooperate on the issue.

He says the World Bank and regional development banks should be lending on a scale of about $1 trillion per year on climate financing, compared with the actual flows of just $100-$150 billion per year. Excerpts: