With the world crippled by the corona virus, the economic crisis is imminent. The International Monetary Fund (IMF) has announced that all the world nations have released $ 14 trillion in grants and other concessions to overcome this.
The international economic crisis is inevitable; World Bank releases $ 14 trillion to increase liquidity
Asia to stall at 0% growth in 2020 for 1st time in 60 years: IMF
International Monetary Fund’s (IMF) report titled ‘COVID-19 Pandemic and the Asia-Pacific Region: Lowest Growth Since the 1960s’ stated that Asia will stall at 0% growthin 2020 for the 1st time in 60 years which includes the Global Financial Crisis (4.7%) and the Asian Financial Crisis (1.3%). It also stated that the region will be “severe and unprecedented” due to the impact of the pandemic & Asia is still doing better than other regions in terms of activity.
IMF cuts India GDP growth to 1.9%, projects while Barclays forecasted it to 0%
International Monetary Fund (IMF) in its “World Economic Outlook, April 2020” has decreased India’s GDP (Gross Domestic Products) growth rate to 1.9% projection from 5.8 % for fiscal year 2020-21 starting April 1, 2020. It has also predicted that in FY 21-22 the Indian economy will recover strongly with a growth projection of 4%. This current projected GDP growth rate at 1.9% for 2020-21 is 3.9% lower than the January outlook and 5.1% lower than the projection made in 2019. On the global front, the economy is projected to contract by –3%in FY 20-21 while it will grow by 8% in 2021 as economic activity normalizes due to the containment of COVID-19. The ‘Great Lockdown’ to combat the covid-19 outbreak has marked the worst recession in world economy since the Great Depression in the 1930s.
IMF backs India’s ‘proactive’ decision of nationwide lockdown in fight against COVID-19
The International Monetary Fund Wednesday announced that it supports India’s proactive decision of a imposing a nationwide lockdown in its fight against coronavirus. A day earlier, the IMF in its World Economic Outlook had forecast India’s growth rate to be 1.9 per cent in 2020. This is worse than the annual average growth rates throughout the Global Financial Crisis (4.7 percent) or the Asian Financial Crisis (1.3 percent). Actually, Asia has not experienced zero growth in the last 60 years.
IMF launches Government Policy Tracker: COVID-19
The International Monetary Fund (IMF)has launched a policy tracker to track the policies of the governments so as to share knowledge about COVID-19 which helps to tackle the crisis. Key Points The policy tracker helps the countries to learn more about the experiences of others in combating the pandemic and adapt their policies and procedures to their unique circumstances and needs. It summarizes the key economic responses as of March 24, 2020. It is not meant for comparison among the member countries as policy responses differ according to the nature of shock & the circumstance of a country. It focuses on discretionary actionsto support existing social safety nets & insurance mechanisms. It includes 186 economies (G20 and European Institutions) & more countries will be added & information will be updated on a regular basis. About IMF: Headquarters– Washington, United States.
IMF lower India’s growth forecast to 4.8%
The International Monetary Fund (IMF) lowered India’s economic growth estimate for the current fiscal to 4.8% and listed the country’s much lowerthan-expected GDP numbers as the single biggest drag on its global growth forecast for two years. In October, the IMF had pegged India’s economic growth at 6.1% for 2019. Compared to the October World Economic Outlook (WEO) forecast, the estimate for 2019 and the projection for 2020 represent 0.1 percentage point reduction for each year while that for 2021 is 0.2 percentage point lower.
