Washington: Strong economic activity in the United States and emerging markets is projected to help drive global growth by about 3% this year, the International Monetary Fund’s chief said Thursday, below the annual historic average and a warning sign about potential lackluster performances through the 2020s. “Without a course correction, we are indeed heading for … Read more
The World Bank warned on Tuesday that global growth in 2024 is set to slow for a third year in a row, prolonging poverty and debilitating debt levels in many developing countries. Hamstrung by the COVID-19 pandemic, then the war in Ukraine and ensuing spikes in inflation and interest rates around the world, the first … Read more
World Bank President Ajay Banga on Tuesday batted for removing barriers to private sector investment, saying it is key to tackling challenges before the global economy as neither the governments nor multilateral banks have trillions of dollars in their coffers. Speaking to World Economic Forum Founder and Executive Chairman Klaus Schwab in a podcast ahead … Read more
Pakistan‘s current economic model is not working, a top World Bank official has said, underlining that the cash-strapped nation must change policies that have plagued development and benefitted only a few. The remarks by World Bank Country Director Najy Benhassine came in a Policy Vision article, published in the latest UNDP publication. Pakistan’s current economic … Read more
India witnessed a surge in formal job creation for women since 2018-19 with net new addition of female employees under the Employees’ Provident Fund Organisation (EPFO) more than doubling in the last five years as companies become more inclusive and move towards greater gender parity. The payroll data for EPFO showed net new addition of … Read more
There is now a consensus that interest rates are going to be higher for longer, but there is less agreement about how much higher and how much longer, said Indermit Gill, chief economist, World Bank. In an interview with Deepshikha Sikarwar on the side lines of G20 finance ministers and central bank governors meeting in … Read more
Marrakech: Finance minister Nirmala Sitharaman on Saturday pitched for a strong, quota-based and adequately resourced International Monetary Fund (IMF) and emphasised that a coordinated response of the global community will foster multilateralism. In her remarks at the IMF Board of Governors meeting here on the theme of ‘Dialogue on Policy Challenges’, Sitharaman expressed concerns about … Read more
Multilateral Development Banks (MDBs) need discontinuous change rather than merely continuous evolution for their transformation, former US Treasury Secretary Larry Summers tells Deepshikha Sikarwar in an interview. Summers co-chairs the Independent Expert Group on strengthening MDB reforms, set up by the G20 under India‘s presidency. The group will present the second part of its report … Read more
Moody’s Investor Service Friday affirmed India’s ‘Baa3’ rating with a stable outlook. The ratings agency said that rising growth will contribute to higher income levels and overall economic resilience. It also noted that India is likely to grow faster than other major economies, even if potential growth for the country has come down to 6-6.5% … Read more
The World Bank is mulling local currency lending in countries like India to help borrowers save on costs, a senior official said on Friday. “How do we do local currency lending for a country like India is also something we are trying to think of at a price which is advantageous to this country,” Anshula … Read more