Global economic outlook News

Sitharaman said, the global economic outlook remains challenging. Indian economy is not insulated from the impact of global economic developments, she added. India has built an entirely new digital economy.

In its latest Global Economic Outlook, Fitch also slashed GDP growth forecast for current fiscal ending March 2019 to 6.9 percent from 7.2 percent projected in the December edition.

Fitch Ratings has lowered India`s GDP outlook for the current year to 6.9 percent from the 7.4 percent estimated earlier.

Euro zone business growth fell last month to its weakest since the beginning of 2015, according to surveys providing the latest evidence the bloc`s economy is losing momentum.

Pitching for more coordinated effort by G20 to boost global growth, Finance Minister Arun Jaitley has said that countries must avoid trade protectionist measures and refrain from competitive devaluations of currency as greater focus must be on public investment.  

Fitch, in December, forecast an 8 percent GDP growth in 2016-17 supported by the government's beefed-up capex spending and gradual implementation of a broad-based structural reform agenda.

The International Monetary Fund warned of substantial risks in the major emerging market economies Tuesday as it lowered its outlook for global economic growth this year.

India still being predominantly an agricultural country depends on the rain God.

Japan`s economy shrank an annualised 1.2 percent in April-June, revised GDP data showed on Tuesday, despite ongoing government and central bank measures to support growth.

The country's economy is likely to clock 8 per cent growth in the next financial year and 8.3 per cent in 2016-17, says a report.

A sharp drop in oil prices and a stronger U.S. economy probably won`t be enough to brighten the outlook for global growth this year, the head of the International Monetary Fund warned on Thursday.