International Monetary Fund trims global growth forecast for 2019 on India slowdown

IMF cuts India's growth rate to 4.8% calls it 'negative surprise'

In the latest update to the World Economic Outlook, the International Monetary Fund trimmed down the global growth estimate for 2020 by one-tenth compared to the October report, dropping it to 3.3 per cent, and lowered the 2021 forecast by a bit more, to 3.4 per cent.

Monday's downgrades were driven by a downward revision of India's economy and increased social unrest around the world previous year.

While the Indian government's statistics department and the Reserve Bank of India (RBI) have estimated growth in 2019-20 at 5%, rating agency Moody's Investors Service has projected growth at 4.9% for the fiscal.

India's GDP growth in the July-September quarter of 2019 slowed sharply to 4.5 per cent, the weakest pace in more than six years, as manufacturing output hit a slump and consumer demand as well as private investment weakened.

The US is forecast to grow 2.0 percent this year.

The downward revision primarily reflects negative surprises to economic activity in a few emerging market economies, notably India, which led to a reassessment of growth prospects over the next two years.

The Samsung Galaxy S20 Ultra's camera set to be a heavy hitter
The news means Roh could make his Unpacked debut on stage at the launch of the Galaxy S20 series in San Francisco on 11 February. The most interesting development in this reshuffle is that Samsung has now appointed a new boss for its mobile division.

She brought up a new study in which the International Monetary Fund set out China's positive experience in expanding access to the financial sector there helped arrive at "enormous economic gains in the 2000s", contending this helped scores of people to battle poverty.

"However, few signs of turning points are yet visible in global macroeconomic data", it noted.

The slight downward revision of 0.1 per cent for two years and 0.2 per cent for the year after that in the global growth is largely due to downward revision for India estimates, she said.

There were 71 rate cuts by about 40 countries and these contributed 0.5 per cent to the global growth estimate "or else we would have been talking of a recession", she said. That's up 0.4 percentage point from past year, but down 0.1 point from its previous forecast in October. "An important reason for this is the stress in the financial sector, particularly in the non-bank financial sector, because of which there has bee a sharp slowing of credit growth". Closer cross-border cooperation is needed in multiple areas, to address grievances with the rules-based trading system, curb greenhouse gas emissions, and strengthen the global tax architecture. A more subdued growth forecast for India (discussed below) accounts for the lion's share of the downward revisions.

IMF's Chief Economist Gita Gopinath said some risks have partially receded since October with developments on US-China trade deal.

According to Gopinath, further trade tensions "alongside rising geopolitical risks and intensifying social unrest could reverse easy financing conditions, expose financial vulnerabilities, and severely disrupt growth".

Related News:

  • NSA & Microsoft Recommend Updating Windows 10

    NSA & Microsoft Recommend Updating Windows 10

    Microsoft's Internet Explorer web browser has once again come into the security vulnerability limelight. It also bears a striking resemblance to a similar vulnerability that was recently disclosed by Mozilla.
    Australia: Massive dust storm blankets western New South Wales

    Australia: Massive dust storm blankets western New South Wales

    Around 90 fires are still burning across New South Wales and 28 emergency warnings had been issued in Victoria, as per the report. A fierce hailstorm has pelted Canberra with stones the size of golf balls inflicting severe damage across the national capital.

    Horse race bet with William Hill

    How to place a bet To place your wager/bet, all you need is to provide the appropriate information to the ticket writer. Simply you just have to pay £1horse bet and you can easily watch the live horse racing broadcast on your device.
  • Christina Milian Welcomes ‘Simply Perfect’ Baby Boy With Matt Pokora

    Christina Milian Welcomes ‘Simply Perfect’ Baby Boy With Matt Pokora

    Cuban born actress and singer, Christina Milian and french boyfriend, Matt Pokora , welcomed their new bundle of joy on Monday. Joyful for Christina, she will get to have the adventure of becoming a first-time mother to a boy along with her partner Matt.
    'We have to be prepared for the worst' with coronavirus, expert says

    'We have to be prepared for the worst' with coronavirus, expert says

    A new coronavirus identified in China has proven contagious between humans, according to a report from the Associated Press. Analysis of the genetic code of the new virus shows it is more closely related to Sars than any other human coronavirus .
    Preview for Tonight’s Episode of WWE Raw

    Preview for Tonight’s Episode of WWE Raw

    Stay tune for updates on tonight's RAW , and be sure to join us for live coverage at 8pm ET. Find out when the two collide this Friday Night at 8/7 C on FOX.
  • Jess Phillips Drops Out of Labour Leadership Race

    Jess Phillips Drops Out of Labour Leadership Race

    Sir Keir became the first to clear this hurdle after being backed by Unison, the UK's largest union, and a second union, Usdaw. Media captionWho decides on the next Labour leader? She said: "Labour is at a crossroads".
    Pocophone F2 and F2 Lite images leaked

    Pocophone F2 and F2 Lite images leaked

    Today the company stressed that a successful handset remains the POCO F1 , the only smartphone to be launched under the POCO name. The Snapdragon 765 chipset is a new Qualcomm chip that was announced during the chip maker's annual Tech Summit in December 2019.
    Russia's Putin sends his constitutional proposals to Parliament

    Russia's Putin sends his constitutional proposals to Parliament

    Putin announced the changes in his state of the nation address last Wednesday, prompting the government to quickly resign. Critics accuse Putin, a former KGB officer, of plotting to stay on in some capacity after his term ends.
  • Rockstar’s latest tax relief ‘likely related to GTA 6 development’

    Well, that's the nature of the video game industry right now folks. "The idea that 40pc of the relief would be claimed by one company is clearly absurd".
    Pompeo Looks Forward to Meeting with Venezuela's Guaido in Colombia

    Pompeo Looks Forward to Meeting with Venezuela's Guaido in Colombia

    Opposition lawmakers than voted in Guaido for a second term as congress chief in a separate session. Venezuela's Juan Guaido has not left Venezuela since February.
    Huawei executive's extradition hearing begins

    Huawei executive's extradition hearing begins

    If a judge is satisfied with the evidence presented, he or she will authorise that the individual be committed for extradition. The start of the extradition hearing drew a large crowd of members of the public, supporters of Meng and worldwide media.

Most liked

Pelosi slams McConnell trial rules as "deliberately created to hide the truth"
The vote is a culmination of disagreement between Democrats and Republicans over what would constitute a fair trial. It's also true that underpopulated rural states get the same number of senators as densely populated urban states.

Part of Our Immune System Could Treat All Cancers
Asked if it meant that someone in Wales was walking around completely immune to cancer , Prof Sewell said: "Possibly". The Cardiff group hope to trial their new approach in patients later this year, following further safety testing.

Mother confessed to killing 3 kids, police say
They also say there was no obvious trauma to the children and that relatives indicated illness may have been a factor. But there is some new construction, with a housing development of single-family homes priced at more than $500,000.

Taylor Swift Reveals Her Mom Andrea’s Brain Tumor Diagnosis
She got to have a weird, one-of-a-kind experience that will live in infamy and earned a Golden Globe nomination out of it. Taylor Swift revealed that her mother, Andrea, is battling a brain tumor, in a wide-ranging interview with Variety .

Former Miami Dolphins playing in Super Bowl 54 for the Chiefs
Sherman's next order will help slow down Patrick Mahomes , Tyreek Hill and the Chiefs' high-power passing game at Super Bowl 54. If you feel like you've heard this all before, it's probably because you have.

Iran MP offers reward for the murder of US President Donald Trump
Hamzeh also said Iran should start producing nuclear weapons and delivery systems to protect itself. His implication is the military leader is more powerful in death than he was before he was killed.

Malaysia returns trash, says it won’t be the world’s waste bin
The company responsible for shipping the containers has been identified and fined €192,000 (RM867,011), the statement added. Environment Minister Yeo Bee Yin announced the return of the containers, which had been imported illegally, on Monday.

Naomi Osaka Gets Dragged after Calling Serena Williams 'Mom' in New Post
The Japanese star claimed her second grand slam title in Melbourne in 2019, backing up her US Open success from just months prior. He's likely going to be the next player, outside of Novak Djokovic , Roger Federer or Rafael Nadal , to win a major.

International Monetary Fund cuts India’s FY20 GDP growth projection by 130 bps to 4.8%
The 2020 estimate for the USA was lowered by 0.1 percentage point to 2 per cent, and 2021 held at 1.7 per cent. Global growth is now projected at 3.3% in 2020 (down from a prior 3.4%) and 3.4% in 2021 (down from 3.6%).

New screening has "potential to eliminate" cervical cancer in England
Cervical cancer is typically diagnosed during a pelvic exam by a doctor or during a routine Pap test or HPV screening, says Dr. Testing for HPV is a far more accurate test estimated to prevent nearly 500 diagnoses of cervical cancer every year.

Madonna cancels another show: ‘I must listen to my body and rest’
With stage time scheduled for 8.30pm, it gave fans only 45 minutes warning that the show had been pulled. USA singer Madonna performs during the Rebel Heart World Tour in Macau, China, Saturday, Feb. 20, 2016.

Clashes in Baghdad kill 2 and wound dozens
In the Iraqi oil city of Basra, two policemen were struck and killed by a civilian auto during a protest, security sources said. They said Prime Minister Adel Abdul Mahdi has not fulfilled promises including naming a new government acceptable to Iraqis.

You Can Now Disable Location Services on iPhone 11 Series
As this feature is not approved everywhere in the world, the phone was checking to see if UWB could be used in that location. Back in December, Apple promised that it would add the ability to turn off location tracking.

Rajasthan Govt to Bring in Assembly Resolution Against Implementation of CAA
On various occasions, the chief minister clearly said that his government will neither implement CAA nor NRC. So we would for the Supreme Court's final pronouncement.

Trump told the details of the murder Soleimani
Qassem Soleimani and said, "As we had announced, we would target anywhere from which a conspiracy is carried out against Iran". Being insulted by what Soleimani was saying , naturally, is not a legal justification of any sort.