Page 5 - Global Economic Crisis

Despite global headwinds, Indian economy will stay on course: Sitharaman

The Indian economy will stay on course despite global headwinds and is projected to grow at seven per cent in fiscal 2022-23, Finance Minister Nirmala Sitharaman has said, attributing this to the conducive domestic policy environment and focus on key structural reforms. Sitharaman's remarks came during her intervention at the plenary session of the international Monetary Finance Committee (IMFC) on Friday. The meeting itself, she said, is being held at a juncture when the global economic outlook is clouded by key downside risks: growth slowdown in major economies, cross-border effects due to the ongoing geopolitical situation, inflationary pressures led by escalating food and energy prices that have adversely impacted vulnerable economies. Despite global headwinds, the Indian economy will stay on course and is projected to grow at seven per cent in FY 2022-23. This is an outcome of the conducive domestic policy environment and the government's focus on key structural reforms to boos

India calls for collective prevention of aggravating risks: FM Sitharaman

: Union Finance Minister Nirmala Sitharaman on Thursday called for collective responsibility to prevent the risks from aggravating. Sitharaman said that India's efforts will be to encourage conversations that recognise our inter-dependencies, our shared wisdom, and our collective aspiration for a safe, peaceful and prosperous world. Today's global economy faces a confluence of challenges and it is our collective responsibility to prevent the risks from aggravating, the finance minister said in her speech during the closing session of the G-20 finance ministers and central bank governors here being held on the sidelines of the annual meetings of the International Monetary Fund and the World Bank. India will head the annual rotating presidency of G-20 next year. In her remarks, the finance minister said that India views the hosting of the G20 Presidency as an opportunity as well as a responsibility. Rebuilding trust in multilateralism is at the core of India's thinking, she told her

It's time to strengthen ties with India, says Indonesian business leader

A top Indonesian business and industry expert said a forum like G20 is becoming more and more important during these challenging times to address economic issues faced by developing countries

Oil falls as China demand concerns fuel recession fears

Economic slowdown in China, world's second-largest oil consumer, adds to rising concerns about possible global recession triggered by numerous central banks raising interest rates to combat inflation

World could lose $4 trillion in economic output between now and 2026: IMF

The global economic outlook is darkening and the risks of recession are quickly rising as per the International Monetary Fund, which said it will once again lower its growth projections

After 14 years, Lehman Brothers' brokerage ends liquidation process

The liquidation of Lehman Brothers' brokerage unit has ended, 14 years and 13 days after its parent's bankruptcy helped trigger a market freefall and global financial crisis

Energy, inflation crises risk pushing big economies into recession: OECD

In a bleak report titled Paying the price of war, the Paris-based organisation noted that the conflict aggravated inflationary pressure when the cost of living was already rising quickly.

Govt decides to extend existing Foreign Trade Policy by another six months

The government has decided to postpone the release of the new Foreign Trade Policy (FTP) and extend the existing one by six months on account of global uncertainties and currency fluctuations. The government was scheduled to announce the new FTP by the end of September. The current policy was to end on September 30. Additional Secretary in the Department of Commerce, Amit Yadav, said there were demands from different quarters, including industry associations and export promotion councils, to extend the policy and not introduce the new one at this time. They have stated that currently there are challenges like global uncertainties and currency fluctuations. There was also a view to align the rollout of the new policy with the new financial year. A notification in this regard will be issued by the Directorate General of Foreign Trade (DGFT). "We will have to defer the release of the new policy. The existing policy will be continued," Yadav told reporters here on Monday. He added

Unfolding global economic crisis triggered by Western elites, says Putin

The Russian President cited surging inflation in the EU as the most telling example, noting that standards of living in the bloc were being sacrificed to American interests

Biggest ever fall in economic confidence: ACCA and IMA's economy survey

Weak worldwide economic growth looks likely for the rest of 2022, according to the latest edition of the Global Economic Conditions Survey (GECS) from ACCA and IMA

Amid 'extraordinary' uncertainty, IMF doesn't rule out global recession

IMF warns that risk is particularly prominent in 2023, and even small shocks could cause economies to stall

Crypto exchange Blockchain.com cuts 25% of its workforce, halts expansion

Leading cryptocurrency exchange Blockchain.com has laid off 25 per cent of its workforce, nearly 150 employees, amid the global economic meltdown

G20 finance leaders seek consensus to overcome global economic threats

The third G20 Finance Ministers and Central Bank Governors meeting began on Friday in Indonesia's Bali resort island, with the finance leaders seeking ways to tackle global economic threats

Fintech giant Stripe lowers valuation by 28% amid economic meltdown

Leading fintech company Stripe has reportedly taken a huge 28 per cent valuation cut amid tough global macroeconomic conditions that have hit nearly all the sectors very hard as recession fears loom

G20 diplomats to meet today with Russia-Ukraine war, its impact on agenda

Top diplomats from the world's richest and largest developing nations are confronting multiple crises as they open talks beset by sharp divisions over Russia-Ukraine war and its impacts

Euro slumps to two-decade low, oil tumbles as recession fears intensify

The euro sank on Tuesday to its weakest level against the dollar in almost 20 years while oil futures tumbled and bond prices rose as investors sought safety

Xi Jinping hosts BRICS meeting amid rising global economic concerns

Xi Jinping is hosting a virtual summit with the leaders of Brazil, Russia, India and South Africa collectively known as the BRICS, amid rising concerns over the global economic outlook

What is a black swan event?

In a Reserve Bank of India paper, the authors allude to the risk of black swan event, saying that it may lead to outflows of Rs 7.8 trillion from India. What are black swan events? We explain it here

IMF planning to send in-person mission to crisis-hit Lanka: spokesperson

The IMF is planning an in-person mission in the coming weeks to Sri Lanka, which is facing a very difficult economic condition, for discussions on a financial arrangement

Sri Lankan govt creates two new ministries to handle economic crisis

Sri Lankan President Gotabaya Rajapaksa has created two new ministries, including an investment ministry, to handle the worst economic crisis in the island nation