Tag: GDP

India could regain status of world’s fastest-growing economy this year: Report
10Mar By Joe RodriguezNo Comments
Asia

India could regain status of world’s fastest-growing economy this year: Report

A recent report has said that India’s economy should be back to life in 2021 after a recession induced by COVID-19 and allow the country to reclaim its status as the fastest-growing major economy if the OECD projection of 12.6 per cent expansion in GDP is realized.“India’s economy plunged into recession for the first time in nearly a quarter of a century. However, it recorded a rise in GDP of 0.4 per cent in the final three months of 2020, ending its recession. For 2020 as a whole, the Indian economy contracted by about 7 per cent,” the report by CNN Business said on Tuesday.India’s gross domestic product is projected to expand by 12.6 per cent during the country’s fiscal year starting in April, according to a forecast released by the Organization for Economic Cooperation and Development (...
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IMF projects 11.5% growth rate for India in 2021
27Jan By Joe RodriguezNo Comments
Asia, China, Market

IMF projects 11.5% growth rate for India in 2021

The International Monetary Fund (IMF) on Tuesday projected a strong rebound in the Indian economy with an impressive 11.5 per cent growth rate in 2021.The IMF’s growth projections for India in its latest World Economic Outlook Update released on Tuesday makes India the only major economy of the world to register a double-digit growth this year amidst the coronavirus pandemic.“In its latest update, the IMF projected an 11.5 per cent growth rate for India in 2021. This makes India the only major economy of the world to register a double-digit growth in 2021,” it said. “China is next with 8.1 per cent growth in 2021 followed by Spain (5.9 per cent) and France (5.5 per cent).”The IMF said that in 2020, the Indian economy is estimated to have contracted by eight per cent. China is the only majo...
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Indonesia warns unemployment could hit decade-high due to coronavirus pandemic
22Jun By Mike TrudellNo Comments
Asia

Indonesia warns unemployment could hit decade-high due to coronavirus pandemic

Indonesian ministers on Monday warned that the country’s unemployment rate could hit the highest in more than a decade this year due to the coronavirus pandemic, with four million to 5.5 million people losing their jobs this year.Planning Minister Suharso Monoarfa told a parliamentary hearing on Monday that four million to 5.5 million people could lose their jobs this year, pushing the unemployment rate up to 8.1-9.2 per cent, versus 5.28 per cent in 2019.“The unemployment rate may remain between 7.7 per cent and 9.1 per cent in 2021”, he said.The forecast is still more conservative than that of Indonesia's chamber of commerce and industry, whose chairman expects new rounds of layoffs by August on top of an estimated 6.4 million jobs shed so far.“The number of people living below the pover...
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PoK activist blames army as Pakistan registers first ever negative economic growth
17Jun By Joe RodriguezNo Comments
Asia

PoK activist blames army as Pakistan registers first ever negative economic growth

Exiled rights activist from PoK, Dr Amjad Ayub Mirza, has blamed Pakistan's deep state of the army for the negative growth the country has registered for the first time ever in its history. Mirza asked how a country could flourish or register a positive growth if its annual budget couldn't be unveiled without the blessings of the army. "This budget has Rs 650 Billion allocated for the development purpose, while the military has been allocated a sum of Rs 1.3 Trillion. This simply means that the budget has been presented after the approval of the army," said Mirza. He also said that there was a prevailing sense of fear amongst the legislators of Pakistan and they were forced to respect the army. "Hammad Azhar, the minister who presented the budget expressed his government's gratitude to the...
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IMF may further cut global growth outlook in June as Covid-19 crisis drags on, says chief economist
13Jun By Michael SmithNo Comments
Asia

IMF may further cut global growth outlook in June as Covid-19 crisis drags on, says chief economist

The International Monetary Fund (IMF) on Friday said that it may again downgrade its already pessimistic outlook for the global economy in June given the possibility of a further decline in consumption, more job losses and the risk of a fresh wave of bankruptcies.The IMF in April predicted a 3% contraction of the world economy this year. It also warned at the time of the possibility of a deeper crisis which could result in a 6% decline in 2020 and 0% growth in 2021."We are putting out new numbers on June 24 and they will likely be worse than what we had in April," said IMF chief economist Gita Gopinath in a virtual address to the Seventh Asian Monetary Policy Forum on Friday.Gopinath noted that there is still profound uncertainty about how long the Covid-19 pandemic will persist and what w...
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COVID impact: Economy to contract even more than estimated earlier, says World Bank
10Jun By Michael SmithNo Comments
Asia

COVID impact: Economy to contract even more than estimated earlier, says World Bank

Due to COVID-19 outbreak, Pakistan’s economy would actually perform even worse than what previous estimates had warned about, The World Bank forecast said on Monday.In its latest report, ‘Global Economic Prospects’, the World Bank assessed that the country’s economy was likely to go into the red this fiscal year and would be unable to recover even next year.It forecast a negative GDP growth of -2.6pc for the current fiscal year (2019-20) and -0.2pc during the next (20-21).“Pakistan (-2.6pc in FY2019/20) and Afghanistan (-5.5pc in 2020) are both projected to experience contractions as mitigation measures are anticipated to weigh heavily on private consumption. Key labor-intensive export sectors are expected to contract sharply and recover only slowly”, the Bank said in its report.This would...
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