World economy News

India has long been the world’s fastest-growing economy, and now the country is reaching the top in several key areas.

The report forecast growth in advanced economies declining to 3.8% in 2022 from 5% in 2021 Output and investment would still return to their pre-pandemic trend by 2023

Commerce and Industry Minister Piyush Goyal said that the world has more confidence in India’s capability to provide quality products and services on time. The ministry in a statement said that the goods and services industry is gaining momentum and a large number of employment opportunities will be generated.

World Bank said that at the same time many emerging markets and developing economies continue to struggle with the COVID-19 pandemic and its aftermath. The report also noted that per capita income losses will not be unwound by 2022 for about two-thirds of emerging market and developing economies. Among major economies, US growth is projected to reach 6.8 per cent this year, reflecting large-scale fiscal support and the easing of pandemic restrictions.

In this segment of DNA we will analyse, how the world is struggling but the Chinese economy is booming.

In its updated World Economic Outlook, the IMF said global gross domestic product would be 3.5 percent in 2017 and 3.6 percent in 2018.

As the annual talkfest of the rich and powerful from across the world reached its last day here, top economic leaders felt the global economy is improving though mostly on internal factors even as they warned of new 'black swan' events post elections in various countries.

The transition of China's economy would become an important driver of global economic growth, the Global Times quoted Chi Fulin, director of the China Institute for Reform and Development, as saying.

From earthquakes in Japan to wildfires in Canada, disasters cost the world economy $71 billion (62 billion euros) in the first half of the year, reinsurer Swiss Re said on Thursday.

The glue binding a still-aggressive global monetary policy response to a struggling world economy and almost daily record highs for world stock markets along with record low bond yields is set to remain intact in the coming week. 

With RBI Governor Raghuram Rajan announcing his plans to return to academia and the referendum in Britain voting to leave the EU, the world, it seems, has become more uncertain and risk-prone.

Japanese Prime Minister Shinzo Abe is sharing a push by the Group of Seven advanced industrial nations to promote inclusive growth across the globe in meetings with leaders of seven developing countries.

Group of Seven leaders on Friday said that pumping up the world economy was an "urgent priority", but left the door open for a go-your-own-way approach in a sign of lingering divisions over how to boost growth.  

Finance ministers of the world`s top economies face pressure to do more for global growth and crack down on tax evasion when they gather Friday during the spring meetings of the IMF and World Bank.

Prime Minister Narendra Modi on Saturday said if there was a ray of hope in the world economy, it was India, as he asserted that his government was committed to transform the lives of the poor and villages.

French President Francois Hollande Monday pledged to redefine France's business model and declared what he called "a state of economic and social emergency," unveiling a 2-billion-euro (USD 2.2 billion) plan to revive hiring and catch up with a fast-moving world economy.

The BIS -- known as the central bank of central banks -- made the call in its quarterly report which is closely watched by investors.

IMF chief Christine Lagarde has said that global growth will likely be weaker this year with only a modest acceleration expected in 2016 but India remains a bright spot.

Seeing an opportunity in the recent turmoil in global equity and currency markets, Finance Minister Arun Jaitley Thursday said India, with 8-9 percent growth rate, can replace China as the driver of world economy.

World stock markets were hammered with heavy losses on Friday, as China`s economic woes triggered European and Wall Street equity sell-offs and stirred up fears for global growth.