Page 5 - World Economy

Analysis: Shock of war hits world economy at the crossroads post-Covid

"The shock of war on demand and prices has cascaded through the global economy and, in conjunction with COVID and other policy decisions, has created these headwinds to growth," said Robert Kahn

Top headlines: Non-BFSI cos lag in Q3, El Nino & India's climate crisis

Business Standard brings you the top headlines at this hour

WEF 2023: 'Fragmentation can cost up to 7% of global GDP', says IMF chief

Asking the world to be pragmatic and collaborate, IMF chief Kristalina Georgieva on Friday said fragmentation can cost up to 7 per cent of the global GDP. "If we don't unite now, we'll face significant risk to the economy and people's wellbeing," she said during a session on global economy on the last day of the World Economic Forum Annual Meeting 2023. The International Monetary Fund Managing Director said if we look at medium-term growth prospects, how we handle the supply chain issues, that will decide our future prospects. She said her message to the world is to "be pragmatic and collaborate". Asked what will take the IMF to upgrade its global growth forecast, she said, "Last year, we downgraded the growth projections three times and not downgrading further itself is good news at the moment." Also, the labour market needs to be looked at seriously, as for anyone, having a cost of living crisis and a job is much better than having no cost of living crisis and no job, she ...

Rupee depreciates by 4 paise, settles at 81.34 against US dollar

The rupee depreciated by 4 paise to close at 81.34 (provisional) against the US dollar on Friday, tracking a rebound in crude oil prices and sustained foreign fund outflows. Forex traders said positive macroeconomic data and broad weakness in the American currency supported the rupee and contained the depreciation bias. At the interbank foreign exchange market, the rupee opened on a weak note at 81.32 against the greenback, but lost ground and fell to an intra-day low of 81.45. The domestic currency finally settled at 81.34, down 4 paise over its previous close of 81.30. The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.06 per cent lower at 102.18. Global oil benchmark Brent crude futures rose 0.42 per cent to USD 84.38 per barrel. According to Dilip Parmar, Research Analyst, HDFC Securities, the Indian rupee registered the biggest weekly gains after November 11 on the back of better-than-expected economic data and broad-bas

World Bank cuts 2023 economic growth forecasts, warns of global recession

Spillovers from a period of pronounced weakness in the US, China and the European Union are exacerbating other headwinds faced by poorer nations

Asia-Pacific shares rise on US rate bets, China's borders reopening

Asian shares rallied on Monday as hopes for less aggressive U.S. rate hikes and the opening of China's borders bolstered the outlook for the global economy

The US Dollar tentative as investors assess rate-hike path, says data

The U.S. dollar was steady on Monday as investors digested a clutch of economic data released last week that stoked hopes of the Federal Reserve slowing the pace of its interest rate hikes

'Revenge spending' by Chinese tourists could boost global economy

In years before Covid-19 pandemic, China was the worlds most important source of international travelers -- its 155 mn tourists spent more than a quarter of a trn dollars beyond its borders in 2019

India in relative 'bright spot', must leverage exports, says IMF official

India's headline inflation moderated to an 11-month low 5.88% in November from 6.77% the month before

Canada's merchandise exports declined 2.3% in November 2022: Reports

Canada's merchandise exports decreased 2.3 per cent in November 2022, in large part because of a decline in exports of energy products, according to official figures

In world economy this week: From China's Covid numbers to US job data

The govt's official PMI on Saturday showed that China's abrupt reversal of its Covid Zero policy pushed economic activity - its service sector in particular - to the slowest pace since February 2022

World economy is headed for recession in 2023 amid rate hikes: Research

That institution warned in October that more than a third of the world economy will contract and there is a 25% chance of global GDP growing by less than 2% in 2023

Five questions for 2023

These questions will shape the world economy in the new year, and matter to India

India to assume G20 presidency from today; 100 monuments to be illuminated

India is set to assume the presidency of the G-20 grouping, the premier forum for international economic cooperation, on Thursday

Why optimism on India's present does not extend much beyond visible horizon

Structural unemployment problem, social unrest, poor state of education and health care, and nutrition deficits among children - tomorrow's workforce - temper optimism on India, writes T Ninan

Key role for banks in offering best intermediation services: RBI's Patra

Calls for world-class financial intermediation services with Indian economy poised to surpass Germany and Japan a few years and nation's population set to become world's largest and youngest

140 organisations worldwide ask IMF to issue $650 bn to help poor nations

Allocating more IMF reserve assets known as special drawing rights, or SDRs, "would immediately make hundreds of billions of dollars available to nearly all low- and middle-income IMF member countries

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

Britain slips behind India to become world's sixth biggest economy

The former British colony leaped past the UK in the final three months of 2021 to become the fifth-biggest economy

World stocks eye 3% weekly loss, dollar sky high before US jobs data

Fresh lockdowns in China are also fuelling concerns about global growth, while high energy costs as a result of the war in Ukraine are weighing on European markets