While official economic indicators show growth, many Americans are experiencing a personal recession due to rising costs of living, record household debt, and dwindling savings. This is fueled by government spending, inflation, and a potential negative wealth effect from the stock market downturn.
India’s recent Human Development Report and World Inequality Lab study highlight important facets of the country’s development. While the Human Development Index (HDI) has improved, income inequality has widened, and household debt levels have reached a record high. This calls for a rethinking of India’s growth strategy, prioritizing human development as a route to accelerate sustainable economic growth.
