With the highly transmissible Omicron variant of Covid-19 unleashing new waves of infections, the human and economic tolls of the pandemic are projected to increase again.
The report also noted that the Covid-19 pandemic has raised global income inequality, partly reversing the decline that was achieved over the previous two decades.
Washington: India’s economy is estimated to contract by 9.6 per cent in the fiscal year 2020-21, reflecting a sharp drop in household spending and private investment, and the growth is expected to recover to 5.4 per cent in 2021, the World Bank said on Tuesday. In its Global Economic Prospects report, the World Bank said […]
Washington: The global economy is on track to shrink by 5.2 per cent this year amid the COVID-19 pandemic, the deepest recession since the Second World War, the World Bank Group said in its latest Global Economic Prospects. Economic activity in advanced economies is anticipated to contract 7 per cent in 2020 as domestic demand […]
United Nations: The global economy could shrink by up to 1 per cent in 2020 due to the COVID-19 (coronavirus) pandemic, and may contract even further if restrictions on economic activities are extended without adequate fiscal responses, according to analysis released on Wednesday by the UN Department of Economic and Social Affairs (UN-DESA). The UN-DESA […]
New Delhi: Amid the global coronavirus pandemic, Moody’s Investors Service slashed its estimate of India’s GDP growth during 2020 calendar year to 2.5 per cent, from an earlier estimate of 5.3 per cent on Friday. It said the pandemic will cause unprecedented shock to the global economy. The estimate for 2020 compares to 5 per […]
New Delhi: Global credit conditions in 2020 will weaken as a result of growing risks of an economic downturn, trade policy uncertainty and the effects of an unpredictable political and geopolitical environment, Moody’s Investors Service said on Tuesday. Although Moody’s does not expect a recession in 2020, recession risks are building, the report said. The […]
Washington: The new managing director of the International Monetary Fund (IMF) Kristalina Georgieva warned of an economic slowdown in 2019 in 90 per cent of the world during her first speech at the helm of the multilateral organization. “In 2019, we expect slower growth in nearly 90 per cent of the world. The global economy […]
Osaka: The 14th G20 summit began here on Friday, with issues pertaining to the global economy, multilateral trade and development taking the centre stage. During the two-day summit, other issues including employment, women’s empowerment and health will also be discussed, reports Xinhua news agency. Japanese Prime Minister Shinzo Abe welcomed the leaders of the G20 […]
Washington: The International Monetary Fund has hailed the strength of the global economy at the close of the annual meetings of the World Bank Group and the IMF. “The outlook is strengthening with a notable pickup in investment, trade and industrial production, together with rising confidence,” the IMF’s International Monetary and Financial Committee said in […]