114th Day Of Lockdown

Maharashtra27564015261310928 Tamil Nadu1518201023102167 Delhi116993956993487 Karnataka4725318467933 Gujarat44648313462080 Uttar Pradesh41383257431012 Telangana3934225999386 Andhra Pradesh3545118378452 West Bengal34427206801000 Rajasthan2643719502530 Haryana2330617667319 Bihar2017313533157 Assam197551288953 Madhya Pradesh1964313908682 Odisha1489810476101 Jammu and Kashmir116666337206 Kerala9554463436 Punjab87995867221 Jharkhand4562248538 Chhatisgarh4556332420 Uttarakhand3785294850 Goa2951167418 Tripura228116043 Manipur170010800 Puducherry159688921 Himachal Pradesh134196610 Nagaland9023480 Chandigarh61945911 Arunachal Pradesh4911533 Meghalaya337462 Mizoram2381590 Sikkim222870
World America 09 Oct 2019 Effect of global slo ...

Effect of global slowdown 'more pronounced' in India: IMF chief

ANI
Published Oct 9, 2019, 8:45 am IST
Updated Oct 9, 2019, 8:54 am IST
Georgieva said widespread deceleration means that growth in 2019-20 will fall to its 'lowest rate' since beginning of decade.
The IMF Managing Director said that global trade growth has come to a 'near standstill'. (Photo: File)
 The IMF Managing Director said that global trade growth has come to a 'near standstill'. (Photo: File)

Washington: As the global economy is witnessing "synchronised slowdown", the effect is "more pronounced" this year in some of the largest emerging market economies like India, said the new International Monetary Fund (IMF) Managing Director, Kristalina Georgieva.

Georgieva pointed out that the widespread deceleration means that growth in 2019-20 will fall to its "lowest rate" since the beginning of the decade. Almost 90 per cent of the world will face slower growth, she said on Tuesday.

 

"Two years ago, the global economy was in a synchronized upswing. Measured by GDP, nearly 75 per cent of the world was accelerating. The global economy is now in a synchronised slowdown. In 2019, we expect slower growth in nearly 90 per cent of the world," said Georgieva in her first speech as managing director of the International Monetary Fund.

"In the United States and Germany, unemployment is at historic lows. Yet across advanced economies, including in the US, Japan, and especially the Euro area, there is a softening of economic activity. In some of the largest emerging market economies, such as India and Brazil, the slowdown is even more pronounced this year," she said.

 

The IMF Managing Director said that global trade growth has come to a "near standstill."

The IMF had cut its projection for India's economic growth by 0.3 percentage points to 7 per cent for the fiscal year 2019-20 owing to the "weaker-than-expected outlook" for the domestic demand.

Kristalina Georgieva, who this month took over leadership at the IMF from Christine Lagarde, said that currencies are once again in the spotlight and Disputes now extend between multiple countries and into other critical issues.

"Even if growth picks-up in 2020, the current rifts could lead to changes that last a generation -- broken supply chains, siloed trade sectors, a "digital Berlin Wall" that forces countries to choose between technology systems," she said.

 

Amid rising trade war between the countries which is generally fought through tariffs and counter-tariffs, the chief called for nations to work together and said: "Everyone loses in a trade war".

 

Catch the latest news, live coverage and in-depth analyses from India and World. Follow us on Facebook and Twitter.

...




ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT