World Bank predicts India will remain fastest growing economy in 2019-20

Agencies
January 9, 2019

United Nations, Jan 9: Fuelled by policy reforms and rebound in credit, India's economy is forecast to expand by 7.5 per cent during the 2019-20 fiscal year and retain its position as the fastest growing major economy in a world of slowing growth, according to the World Bank.

The Bank`s Global Economic Prospects (GEP) report released on Tuesday kept the forecasts made for India in its June report for the next fiscal year and the 7.3 per cent estimate for the current fiscal year, up from 6.7 per cent recorded in 2017-18.

However, it warned that in South Asia, the upcoming election cycle "elevates political uncertainty in the region". "The challenging political environment could adversely affect the ongoing reform agenda and economic activity in some countries," it added.

The GEP presented a gloomy outlook for the world as a whole: Growth was projected to slow to 2.9 per cent for the current year, down from the estimated 3 per cent for the last year and to grow only by 2.8 per cent in the next two years.

It blamed trade tensions and slowdown in manufacturing for the pessimism.

The report said: "India is forecast to accelerate to 7.5 per cent in fiscal year 2019-20 as consumption remains robust and investment growth continues, and as (economic) activity benefits from recent policy reforms and a rebound in credit."

For the 2020-21 and 2021-22 fiscal years, the GEP has projected a growth rate of 7.5 per cent.

The World Bank`s 7.5 per cent growth projection for the next fiscal year is slightly higher than the 7.4 per cent made by the International Monetary Fund last October.

But the GEP`s estimate of 7.3 per cent for the current fiscal year falls between India`s Central Statistics Office (CSO) figure of 7.2 per cent and the Reserve Bank of India`s 7.4 per cent.

China`s growth rate was estimated to be 6.5 per cent last year and forecast to be 6.2 per cent this year and the next, and going down further to 6 per cent in 2021.

In South Asia, Pakistan`s growth rate is forecast to fall drastically from last fiscal year`s 5.8 per cent to 3.7 per cent this fiscal year "as financial conditions tighten in the face of rising inflation and external vulnerabilities". In 2019-20 it is forecast to rebound to 4.8 per cent.

Bangladesh grew faster than India with 7.9 per cent in the last fiscal year "driven mainly by private consumption and supported by remittance inflows", the report said. But its growth is forecast to fall to 7 per cent in the current fiscal year.

Releasing the report, the Bank`s Chief Executive Officer Kristalina Georgieva said: "At the beginning of 2018 the global economy was firing on all cylinders, but it lost speed during the year and the ride could get even bumpier in the year ahead.

"As economic and financial headwinds intensify for emerging and developing countries, the world`s progress in reducing extreme poverty could be jeopardised. To keep the momentum, countries need to invest in people, foster inclusive growth, and build resilient societies."

According to the GEP, the advanced economies are the worst performers, with a growth rate of 2.2 per cent last year that is forecast to steadily fall to 2 per cent this year, and to 1.6 per cent and 1.5 per cent in the next two years.

The US, though, is faring better in that group with a 2.9 per cent growth last year and projected growth rates of 2.5 this year and 1.7 per cent and 1.6 in the next years.

Comments

Puresanghi
 - 
Wednesday, 9 Jan 2019

No doubt it is a press release from  nagpur HQ.  Since the election dates are nearing  all we can obaserve such dirty media politics.

What ever  - Only Ballot voting will save INDIA or later 2019-20 will be a TICK 20 era for all peace loving Patriot INDIANS.

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News Network
May 22,2020

Mumbai, May 22: The Reserve Bank of India (RBI) on Friday reduced repo rate by 40 basis points to 4 per cent in an effort to further boost liquidity in the economy which has been reeling under the impact of COVID-19 induced countrywide lockdown.

As a result, the reverse repo rate stands at 3.35 per cent, said RBI Governor Shaktikanta Das. The six-member monetary policy committee (MPC) voted 5:1 in favour of the decision.

Repo rate is the rate at which a country's central bank lends money to commercial banks, and the reverse repo rate is the rate at which it borrows from them. 

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News Network
February 2,2020

Feb 2: The Philippines on Sunday reported the first death from a new virus outside of China, where authorities delayed the opening of schools in the worst-hit province and tightened quarantine measures in a city that allow only one family member to venture out to buy supplies.

The Philippine Department of Health said a 44-year-old Chinese man from Wuhan was admitted on Jan. 25 after experiencing a fever, cough, and sore throat. He developed severe pneumonia, and in his last few days, “the patient was stable and showed signs of improvement, however, the condition of the patient deteriorated within his last 24 hours resulting in his demise.”

The man’s 38-year-old female companion, also from Wuhan, also tested positive for the virus and remains in hospital isolation in Manila.

President Rodrigo Duterte approved a temporary ban on all travelers, except Filipinos, from China and its autonomous regions. The U.S., Japan, Singapore and Australia have imposed similar restrictions despite criticism from China and an assessment from the World Health Organization that they were unnecessarily hurting trade and travel.

The death toll in China climbed by 45 to 304 and the number of cases by 2,590 to 14,380, according to the National Health Commission, well above the number of those infected in in the 2002-03 outbreak of SARS, or severe acute respiratory syndrome, which broke out in southern China and spread worldwide.

Meanwhile, six officials in the city of Huanggang, neighboring the epicenter of Wuhan in Hubei province, have been fired over “poor performance” in handling the outbreak, the official Xinhua News Agency reported.

It cited the mayor as saying the city’s “capabilities to treat the patients remained inadequate and there is a severe shortage in medical supplies such as protective suits and medical masks.”

After Huanggang, the trading center of Wenzhou in coastal Zhejiang province also confined people to homes, allowing only one family member to venture out every other day to buy necessary supplies.

With the outbreak showing little sign of abating, authorities in Hubei and elsewhere have extended the Lunar New Year holiday, due to end this week, well into February. The annual travel crunch of millions of people returning from their hometowns to the cities is thought to pose a major threat of secondary infection at a time when authorities are encouraging people to avoid public gatherings.

All Hubei schools will postpone the opening of the new semester until further notice and students from elsewhere who visited over the holiday will also be excused from classes.

Far away on China’s southeast coast, the manufacturing hub of Wenzhou put off the opening of government offices until Feb. 9, private businesses until Feb. 17 and schools until March 1.

With nearly 10 million people, Wenzhou has reported 241 confirmed cases of the virus, one of the highest levels outside Hubei. Similar measures have been announced in the provinces and cities of Heilongjiang, Shandong, Guizhou, Hebei and Hunan, while the major cities of Shanghai and Beijing were on indefinite leave pending developments.

Despite imposing drastic travel restrictions at home, China has chafed at those imposed by foreign governments, criticizing Washington’s order barring entry to most non-citizens who visited China in the past two weeks. Apart from dinging China’s international reputation, such steps could worsen a domestic economy already growing at its lowest rate in decades.

The crisis is the latest to confront Chinese leader Xi Jinping, who has been beset by months of anti-government protests in the semi-autonomous Chinese city of Hong Kong, the reelection of Taiwan’s pro-independence president and criticism over human rights violations in the traditionally Muslim northwestern territory of Xinjiang. Economically, Xi faces lagging demand and dramatically slower growth at home while the tariff war with the U.S. remains largely unresolved.

Among a growing number of airlines suspending flights to mainland China was Qatar Airways. The Doha-based carrier said on its website that its flights would stop Monday. It blamed “significant operational challenges caused by entry restrictions imposed by a number of countries” for the suspension of flights.

Oman also halted flights to China, as did Saudi Arabia’s flagship national carrier, Saudia.

Saudi Arabia’s state-run TV reported that 10 Saudi students were evacuated from Wuhan on a special flight. It said the students would be screened upon arrival, but did not say whether they would be quarantined for 14 days.

This weekend, South Korea and India flew hundreds of their citizens out of Wuhan. They went into a two-week quarantine.

On Sunday, South Korea reported three more cases for a total of 15. They include an evacuee, a Chinese relative of a man who tested positive and a man who returned from Wuhan. India reported a second case, also in southern Kerala state.

South Korea also barred foreigners who have stayed or traveled to Hubei province within the last 14 days from entering the country.

Indonesia flew back 241 nationals from Wuhan on Sunday and quarantined them on the remote Natuna Islands for two weeks. Several hundred residents protested the move, with one saying, “This is not because we do not have a sense of solidarity with fellow nationals. But because we fear they could infect us with the deadly virus from China.”

A Turkish military transport plane carrying 42 people arrived in Ankara from Wutan Saturday night. The 32 Turkish, six Azerbaijani, three Georgian nationals and an Albanian will remain under observation for 14 days, together with 20 personnel who participated in the evacuation, Health Minister Fahrettin Koca said.

Vietnam counted its seventh case, a Vietnamese-American man who had a two-hour layover in Wuhan on his way from the U.S. to Ho Chi Minh City.

The virus’ rapid spread in two months prompted the WHO on Thursday to declare it a global emergency.

That declaration “flipped the switch” from a cautious attitude to recommending governments prepare for the possibility the virus might spread, said the WHO representative in Beijing, Gauden Galea. Most cases reported so far have been people who visited China or their family members.

WHO said it was especially concerned that some cases abroad involved human-to-human transmission.

“Countries need to get ready for possible importation in order to identify cases as early as possible and in order to be ready for a domestic outbreak control, if that happens,” Galea told The Associated Press.

Both the new virus and SARS are from the coronavirus family, which also includes those that cause the common cold.

The death rate in China is falling, but the number of confirmed cases will keep growing because thousands of specimens from suspected cases have yet to be tested, Galea said.

“The case fatality ratio is settling out at a much lower level than we were reporting three, now four, weeks ago,” he said.

Although scientists expect to see limited transmission of the virus between people with family or other close contact, they are concerned about cases of infection spreading to people who might have less exposure.

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News Network
May 28,2020

May 28: Congress President Sonia Gandhi on Thursday asked the central government to unlock its coffers and help the needy affected by the coronavirus-induced lockdown.

In a video message posted as part of the Congress' 'Speak Up India' campaign, she lamented that even though the country is passing through a serious economic crisis with loss of livelihood due to the pandemic and the lockdown, the central government has not heard the cries of pain and trauma of people.

"We again urge the Centre to unlock its coffers and help the needy. Put direct cash of Rs 7,500 per month in the account of every family for the next six months and provide Rs 10,000 immediately; ensure safe and free travel of labourers back home, employment opportunity and rations; and also increase the number of work days under MNREGA to 200 days to facilitate jobs in villages," Gandhi said.

"Instead of loans, provide financial relief to small and medium industry so that crores of jobs are saved and the country progresses," she said in her video message on the party's social media handles.

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