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Asia Pacific region faces risks from global financial tightening: IMF

The Asia Pacific region is facing three main risks, including due to global financial tightening and a slowdown in China, according to an IMF official. Shanaka Jayanath Peiris, Division Chief of Regional Studies Division, Asia Pacific Department at the IMF, also said that currencies in the region have depreciated sharply while public debt ratios have increased. "We have identified three main risks to the region -- global financial tightening, Ukraine-Russia war, which has raised commodity prices, but (has) also slowed external demand particularly from Europe and the slowdown in China," Peiris told PTI. He was speaking on the sidelines of the NSEIMF Seminar on Regional Economic Outlook for Asia-Pacific here on Wednesday. At the seminar, he shared the IMF's views on the current risks that the Asian economies face and the implications for India. "We have revised down the (growth) forecast but India is still relatively a bright spot in the outlook for the region... we have 6.1 per cen

Mideast, North Africa economies resilient, inflation to slow growth: IMF

The economies of Middle Eastern and North African countries were resilient this year, but double-digit inflation is expected to slow growth in 2023, the International Monetary Fund said on Monday. The IMF forecast GDP growth at 5per cent in 2022 for countries in the region. For oil-exporting nations, growth was projected at 5.2 per cent, mainly due to high oil prices and robust GDP growth in other countries, which offset the impact of high food prices. But the rate of growth is expected to slow in 2023, due in part to inflation driven by high food and commodity prices, the report said. And the outlook remained so dire for politically unstable Lebanon and war-scarred Syria that the IMF reported no economic projections for either. Higher energy prices sustained oil-producing nations, such as Saudi Arabia, where economic growth is expected to hit 7.6 per cent this year. Oil exporters are also benefitting from trade diversions caused by the war in Ukraine, as some European countries l

Rupee trade with few nations may start, internationalisation will take time

Rupee trade with few nations may start, internationalisation will take time

Bangladesh disallows Bollywood actor's dance in bid to save dollars

Nora Fatehi, known for her work in the Indian film industry, wasn't granted permission "in view of the global situation and with the aim of maintaining the foreign exchange reserves

Joe Biden brushes off risks of strong dollar on global economy

The dollar has climbed roughly 15% this year as the Federal Reserve embarked on an aggressive campaign to raise interest rates to tamp US price increases.

Statsguru: Six charts explain IMF's warning on the global economy

The cost of borrowing is going up for emerging markets and budget constraints are increasingly making their effects felt

Debt restructuring talks underway with IMF, India, China: Sri Lanka Prez

Sri Lanka has started debt restructuring talks with the IMF, India and China, President Ranil Wickremesinghe said on Sunday, exuding confidence that if the discussions move forward in a systematic way, the country would tide over its worst economic crisis. Addressing a gathering in the Siyambalanduwa district, Wickremesinghe said talks have also started with private creditors on debt restructuring. For the first time yesterday, we began talks with the IMF, China, Japan and India on lessening our debt burden, he said. It will be difficult for us to pay back debt, still we have to find ways to lessen our debt burden. We are faced with a situation where we are unable to meet interest payments. But I'm hopeful that if our talks could be carried forward in a systematic way, we would be able to solve our problems, he said. The president said he spoke to the Chinese finance minister while Sri Lanka's finance minister Shehan Semasinghe on Saturday started talks with India on debt ...

Sitharaman flags downside risks due to economic slowdown at IMF meet

Nirmala Sitharaman shared concerns on key downside risks to the economy owing to slowdown in growth in major economies during a meeting at the IMF headquarters

Best of BS Opinion: Through a 40-yr prism, countrywide reincarnation & more

Here is the best of Business Standard's opinion pieces for today

Inflation will not come below RBI's tolerance level in FY23: IMF's Choueiri

India relative bright spot in the world; 6.8 per cent growth rate 'really a good number': Senior executive

Through a 40-year prism: India's record creditable, but not outstanding

India's share of world GDP, after shrinking in the 1981-91 decade from 1.7% to 1.1%, rose to 2.5% by 2011, and then to 3.3% in 2021, with still higher shares to come, writes T N Ninan

Use dollar-denominated forex reserves wisely, IMF urges emerging economies

Asks these economies to reinstate swap lines with advanced economy central banks

UK PM Liz Truss sacks finance minister Kwarteng: Here is what happened

Kwarteng recently said that he was 'absolutely, 100 per cent' confident that he would be in post in November despite rising rebellion

Asia now world's largest debtor and saver; high risk of debt distress: IMF

Asia's economies will need to focus on fiscal stability in order to offset surging debt and to support monetary policy, the International Monetary Fund has warned.

Act now to bring down inflation, safeguard financial stability: IMF Chief

The International Monetary Fund on Thursday urged policy makers across the world to act now to bring down inflation, put in place responsible fiscal policy, safeguard financial stability and carry reforms to address climate change, make digitalisation work for people and address inequality. Speaking to reporters at a press conference here, IMF Managing Director Kristalina Georgieva said, "The IMF is working with our 190 members on these issues. Our economic analysis is front and centre to help countries navigate this complex environment and avoid policy mistakes. Describing it as a difficult global environment, Georgieva said the world economy has been hit by one shock after another the coronavirus pandemic, Russia's invasion of Ukraine and climate disasters on every continent. They continue to harm people's lives and they have caused a cost-of-living crisis, she noted. The immediate toll is clear. On Tuesday, we cut our global growth forecast to 2.7 per cent in 2023. Across many .

India to become world's third-largest economy by FY28, says IMF

Projected to grow bigger than Japan at $5.36 trillion

India's deployment of cash transfer scheme is a 'logistical marvel': IMF

The IMF has described India's deployment of a direct cash transfer scheme and other similar social welfare programmes as a "logistical marvel", saying there is a lot to learn from the country which is one of the most inspiring examples of the application of technology to solve complicated issues. The aim of DBT (Direct Benefit Transfer) is to transfer the benefits and subsidies of various social welfare schemes directly in the bank account of the beneficiary on time by bringing efficiency, effectiveness, transparency and also to eliminate the intermediary body. According to the government data, more than Rs 24.8 lakh crore has been transferred through Direct Benefit Transfer (DBT) mode since 2013, Rs 6.3 lakh crore in the financial year 2021-22 alone; on an average over 90 lakh DBT payments are processed daily as per data of FY22. "From India, there is a lot to learn. There is a lot to learn from some other examples around the world. We have examples from pretty much every continent

India's economy faces significant external headwinds, says IMF

Earlier this week, the Washington-based fund lowered India's growth forecast by 0.6 percentage points to 6.8% for the year ending March 2023 -- the biggest downgrade among major economies after the US

India macro indicators may return to FY20 levels by FY27, says IMF

Although China's debt to GDP ratio is projected to remain at 76.9 in 2022, it is projected to overtake India's ratio in 2024 at 89.8 and continue to increase further to 102.8 in 2027

India's debt ratio projected to be 84% of its GDP by end of 2022: IMF

India's debt ratio is projected to be 84 per cent of its GDP by the end of 2022, which is higher than many emerging economies, but its debt is a little bit easier to sustain, a senior IMF official has said. Stressing that it is important for India to now have a very clear medium-term objective on the fiscal, Paolo Mauro, Deputy Director, Fiscal Affairs Department, International Monetary Fund, said there's still not a whole lot of clarity on the fiscal anchor. "It would be very important to give reassurance to people and to investors that things are under control, and things are going to become less vulnerable over time," Mauro, told PTI in an interview. "In terms of the debt ratio, India right now at the end of 2022, we're projecting it at about 84 per cent of GDP. That is higher than in many emerging economies, he said. Of course, India has a lot of special features being the most populous country in the world by now and being a very large, emerging economy, he said. The other ..