In January, the UN had forecast that the world economy would shrink 0.5 per cent this year. The report predicted that with a coordinated, development-oriented policy scenario, the world economy would recover to an annual growth of 4-5 per cent in 2010-2015, led by a robust growth of 7 per cent a year in developing nations.
The growth of these countries in one way or the other would boost up American economy, he told reporters at a White House news conference.
Prime Minister Manmohan Singh has urged the world economies to continue with stimulus packages till 2010 and avoid all kinds of protectionism including in the financial sector to battle the global economic slowdown.
Outgoing United States Ambassador to India, David Mulford, believes that India can help stimulate the world economy in the wake of the global economic meltdown.Mulford observed that "Developing countries have tended to be recipients during times of difficulty, but this time, some of them may be stimulators and producers. That is an important thought to bear in mind when you are in the condition that the United States is today."
The specter of war in Iraq and instability in the world's No. 5 oil producer, Venezuela, as well as world market woes, bode poorly for the global economy, a top IMF official said on Friday.
In an effort to improve their balance sheets, many of the major multinationals have started to lay-off employees.
'For experienced and risk-taking investors, now may be the time to go all in.' 'By 'experienced and risk-taking', I refer to those who remained net buyers in equities during the early stages of the 2020 pandemic.' 'On the other hand, those who exited the markets during the pandemic may go the SIP way.'
Indians are divided on whether their own country or neighbour China will take the pole position in the world economy over the next two decades, according to a survey.
Setting the tone for the crucial G-20 Summit, Prime Minister Manmohan Singh today said the world economy is in "deep trouble" and hoped the grouping of developed and developing countries will come up with constructive proposals to pull the world out of this crisis.
G20's success will hinge on outcome of follow-up measures
Germany is now sitting on a mountain of savings.
Releasing his book, An Asian Century Manifesto- Global Political Economy of the 21st Century, at the Nehru Centre in London on Tuesday night, senior public policy advisor Atma Singh said, "World economy has shifted from the West to East in the 500 years and India, along with China, is going to propel the economic growth in the world in the 21st century."
'While Indian markets are indeed not inexpensive, the valuations of largecap stocks are still a considerable distance from being overstretched.'
Finance Minister Nirmala Sitharaman will set a record by presenting the sixth Budget in a row -- 5 annual Budgets and one interim -- a feat achieved so far only by former Prime Minister Morarji Desai. With the presentation of interim Budget on February 1, Sitharaman will surpass the records of her predecessors like Manmohan Singh, Arun Jaitley, P Chidambaram, and Yashwant Sinha, who had presented five budgets in a row. Desai, as Finance Minister, had presented five annual Budgets and one interim Budget between 1959-1964. The interim Budget 2024-25 to be presented by Sitharaman on February 1, will be a vote-on-account that will give the government authority to spend certain sums of money till a new government comes to office after the April-May general elections.
Finance Minister Nirmala Sitharaman will present her sixth straight Budget ahead of the Parliamentary elections, matching the record of former Prime Minister Morarji Desai. Sitharaman in her pre-election Budget, which technically is a vote on account and popularly termed an interim Budget, will seek Parliament's nod for a grant in advance to meet the central government's essential expenditure for the first four months of the new fiscal year that starts in April. A new government elected after the April/May general elections will present the full Budget, likely in July.
The mutual fund industry continued with the positive momentum in the September quarter, attracting Rs 34,765 crore, although it was a massive reduction as against the Rs 1.85 lakh crore inflow in the preceding quarter, primarily due to withdrawal from debt segment. Most of the asset classes saw net inflows during the July-September period of the current financial year barring the fixed-income or debt segment, which witnessed net outflows. Overall, flows started on a strong note during the quarter under review, with net inflows of Rs 82,467 crore in July, which dipped to Rs 16,180 crore in August and ended with a disappointing Rs 63,882 crore of net outflows in September, according to a report by Morningstar India.
Equity benchmark indices Sensex and Nifty on Friday reversed their six-session losing streak and rebounded more than 1 per cent on value buying in auto, IT, financial and energy stocks. Better than expected quarterly financial results of corporates also boosted investor sentiments even as uncertainties persisted over the escalating tensions in the Middle East, according to analysts. In a largely range-bound trade, the 30-share BSE Sensex rose 634.65 points or 1.01 per cent to settle at 63,782.80 points.
Putin said the 'policy' pursued by Modi is the main 'guarantor' of relations between the two countries.
There have been growing global concerns over China's sweeping claims of sovereignty over all of the South China Sea, a huge source of hydrocarbons.
The Congress on Saturday accused the government of covering up or demolishing slums and rounding up stray animals in view of the G20 Summit, with its leader Rahul Gandhi saying 'there is no need to hide India's reality from our guests'.
In 1930, John Maynard Keynes predicted that by 2030 technology would be so advanced that three hours of work per day would suffice. Has AI brought about the transformation that Keynes predicted, asks Atanu Biswas.
Fitch Ratings on Thursday retained India's growth forecast for the current fiscal at 6.3 per cent citing economic resilience despite tighter monetary policy and exports weakness, but upped year-end inflation projection on El Nino threat. The Indian economy grew 7.8 per cent in the April-June quarter of current fiscal on strong services sector activity and robust demand. "The Indian economy continues to show resilience despite tighter monetary policy and weakness in exports, with growth outpacing other countries in the region," Fitch said, while projecting 6.3 per cent growth for current fiscal (April-March), and 6.5 per cent for next fiscal.
India on Saturday pulled off a big diplomatic win after the G20 summit held under its presidency adopted a consensus declaration overcoming major differences on the Russia-Ukraine war, as Prime Minister Narendra Modi called for ending the "global trust deficit".
The world economy is expected to grow by 2.25 per cent in 2003 following the 2 per cent growth in 2002, while trade is expected to register a 4 per cent growth as against 2 per cent last year, a United Nations survey said on Wednesday.
With the recent proliferation of cyberattacks, corporate executives need to devote increasing attention to protecting information assets and on-line operations, said a report released on Monday by the World Economic Forum.
Prime Minister Narendra Modi on Thursday suggested the G20 trade ministers to work collectively to ensure equitable competition between large and small sellers as there are challenges in the fast growing cross-border e-commerce. In a video message at the G20 Trade and Investment Minister's meeting here, he also emphasised on the need to address the problems faced by consumers in fair price discovery and grievance handling mechanisms. "Digitising processes and use of e-commerce have the potential to enhance market access. "I am glad that your group is working on the 'High Level Principles for the Digitalization of Trade Documents'. These principles can help countries in implementing cross-border electronic trade measures, and reduce compliance burdens.
While India won't be immune to global spillovers, we need to create the macro preconditions for sustained growth. Policy agility, prudence, and resilience will be key, suggests Sonal Varma.
Salaries in India are expected to increase by 10.3 per cent in 2023, highest among major world economies and Asian peers, according to Aon plc. In 2022, salaries in India witnessed an actual increase of 10.6 per cent in 2022. As per Aon plc's 28th Annual Salary Increase Survey in India, double-digit salary growth will continue in India despite economic volatility, largely as a response to high attrition rates.
One has to wonder what is so wrong with the European Union.
At a media briefing, French President Emmanuel Macron said the G20 leaders' declaration "confirms" Russia's isolation for its attack on Ukraine and that the bloc is committed to "just and lasting" peace in the war-torn country.
This next phase of globalisation needs to deliver economic growth so that it is equitable: Nadella.
In all, 37 central banks around the world have eased monetary policy so far this year to boost growth, fight deflation or both
Replying to the no-confidence motion, Prime Minister Narendra Modi asserted on Thursday that the opposition's move is auspicious for his government as he expressed confidence that the Bharatiya Janata Party and its allies will break old records to retain power at the Centre in the 2024 Lok Sabha polls.
Democracy, nation-state and globalisation can't go together; we can have at the most two at one time, says Dani Rodrik.
The first five months of 2023 have witnessed at least six major events/trends that augur badly for global economic and socio-political prospects, points out Shankar Acharya, former chief economic adviser to the Government of India.
Li also had a difficult meeting with some of the Western leaders on the sidelines, especially Italian Prime Minister Giorgia Meloni, who has signalled Italy's resolve to quit China's famed Belt and Road Initiative for its failure to bring the expected results to Rome.
From the trifecta of demography, democracy and diversity to the three ills of corruption, nepotism and appeasement, Prime Minister Narendra Modi in his Independence Day speech on Tuesday used several catchy phrases to drive home his government's achievements, his vision for the future and criticism of the opposition.
The United Nations on Wednesday pared down India's growth forecast by 20 basis points to 5.8 per cent for 2023 calendar year, citing higher interest rates and risks of recession in the developed world weighing on investment and exports. "Economic growth in India is projected to moderate in 2023, with higher interest rates weighing on investment and slower global growth weakening exports," it said in its latest World Economic Situation and Prospects report. The report has projected global trade to contract 0.4 per cent and the world economy to grow at 1.9 per cent in 2023.
'Rhetoric and chest-thumping are running high on India's recent growth record.'
'But will the giant waves developing elsewhere allow us to sail smoothly into fair winds?' asks Debashis Basu.
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