Page 32 - Global Economy

IMF cuts Asia's economic growth forecasts, warns of strong dollar strains

The IMF now expects emerging Asian economies to grow 4.4% this year and 4.9% in 2023, down 0.2 percent point and 0.1 point, respectively, from its projections in July, after a 7.2% expansion in 2021

IMF lowers growth outlook for 2023 global economy to 2.7% amid Ukraine war

The International Monetary Fund is downgrading its outlook for the world economy for 2023, citing a long list of threats that include Russia's war against Ukraine, chronic inflation pressures, punishing interest rates and the lingering consequences of the global pandemic. The 190-country lending agency forecast Tuesday that the global economy would eke out growth of just 2.7% next year, down from the 2.9% it had estimated in July. The IMF left unchanged its forecast for international growth this year a modest 3.2%, a sharp deceleration from last year's 6% expansion. The bleaker forecast was no surprise. IMF Managing Director Kristalina Georgieva, noting the grim backdrop to this week's fall meetings of the IMF and the World Bank in Washington, warned that the risks of recession are rising'' around the world and that the global economy is facing a period of historic fragility.'' In its latest estimates, the IMF slashed its outlook for growth in the United States to 1.6% this year,

LIVE: Mortal remains of Mulayam Singh Yadav consigned to flames in Saifai

A large sea of people chant 'Netaji amar rahein' as a vehicle carriedthe mortal remains of Samajwadi Party supremo

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

With 'Soul of India' as key theme; India gets ready for G20 presidency

All government departments are preparing a workforce to host the G20, scheduled to start from December 1, where India's policies and positions on critical issues will be discussed

Govts across globe stoked global inequality since pandemic, finds study

Analysis by the nonprofits Oxfam and Development Finance International found that of the 161 countries surveyed, almost all either froze or lowered taxes on their richest citizens

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

Harvard Business Review's 5 ideas that will reshape capitalism's next era

To celebrate its 100th birthday the Harvard Business Review has come out with a fat book containing its most influential and innovative articles

OPEC oil cuts bad for global economy: US Treasury secretary Janet Yellen

Kremlin praises Opec+ for countering US 'mayhem' in global energy markets

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

Samsung delaying Galaxy Tab S9 Series launch amid economic slowdown: Report

South Korean tech giant Samsung is reportedly delaying the launch of the next-generation Galaxy Tab S9 series due to the recent global economic uncertainty

Global economy moving from 'relative predictability' to uncertainty: IMF MD

The global economy is moving from a world of relative predictability to one of greater uncertainty, IMF chief Kristalina Georgieva has said, warning that countries accounting for about one-third of the world economy will experience at least two consecutive quarters of contraction this or next year. In a major policy speech here ahead of the annual meeting of the International Monetary Fund (IMF) and the World Bank, IMF Managing Director Georgieva on Thursday said the World Economic Outlook to be released next week would further downgrade the global growth projections. We have downgraded our growth projections three times already, to only 3.2 per cent for 2022 and 2.9 per cent for 2023. And as you will see in our updated World Economic Outlook next week, we will downgrade growth for next year, she said. We will flag that the risks of recession are rising. We estimate that countries accounting for about one-third of the world economy will experience at least two consecutive quarters o

IMF warns of higher recession risk and darker global outlook in 2023

The International Monetary Fund is once again lowering its projections for global economic growth in 2023, projecting world economic growth lower by USD 4 trillion through 2026. Kristalina Georgieva, managing director of the IMF, told an audience at Georgetown University on Thursday that things are more likely to get worse before it gets better. Georgieva said the institution downgraded its global growth projections already three times, to 3.2 per cent for 2022 and now 2.9 per cent for 2023.

World currency reserves shrink by $1 trn this yr in record drawdown

Reserves have declined by about $1 trillion, or 7.8%, this year to $12 trillion, the biggest drop since Bloomberg started to compile the data in 2003

WTO slashes global 2023 trade growth forecast to 1% as recession looms

The fresh WTO forecasts estimate world GDP at market exchange rates will grow by 2.8% in 2022 and 2.3% in 2023 - the latter is 1 percentage point lower than what was previously projected

Why are global CEOs bullish about India?

India continues to remain as a bright spot on the world economic map. That's the sentiment echoed by prominent global CEOs recently. Find out the reasons driving the bullish sentiment

World factory activity weakens on global slowdown, cost pressures

Those hikes have stoked fears of a sharp downturn in global demand that had underpinned exports

Automation Anywhere raises $200 mn from Silicon Valley Bank, others

The firm's cloud customers have run an estimated 50 million automations in 2022, with leading firms deploying thousands of bots across their organisations

How should India respond to future shocks in an off-balance changed world?

The global engines of growth have become the sources of instability and uncertainty. T N Ninan explores what India should do

Chief economists' survey says global recession increasingly likely

A global recession is becoming increasingly likely due to stubbornly high inflation and real wages continuing to fall, the World Economic Forum said on Wednesday citing a survey of chief economists from across the world. According to the WEF Chief Economists Outlook report, real wages are expected to continue falling across the world in 2022-2023 and the cost of living crisis is threatening social unrest, though inflationary pressures are expected to ease in the next year. The survey showed that food security could be at risk across large swathes of the globe over the next three years. Referring to rising concerns about food security triggering export restrictions, which risk exacerbating global supply disruptions, the report said India, the world's largest rice exporter, introduced a ban on exports of broken rice and a 20 per cent export duty on other grades of rice. "Given that the stability of rice prices in 2022 was instrumental in preventing a fully-fledged global food crisis,