IMF warns of economic slowdown in 90 per cent of world


Washington, Oct 9 (IANS): The new managing director of the International Monetary Fund (IMF) Kristalina Georgieva warned of an economic slowdown in 2019 in 90 per cent of the world during her first speech at the helm of the multilateral organization.

"In 2019, we expect slower growth in nearly 90 per cent of the world. The global economy is now in a synchronized slowdown," Georgieva said at the IMF headquarters here on Tuesday, Efe news reported.

"This widespread deceleration means that growth this year will fall to its lowest rate since the beginning of the decade," the Bulgarian economist, who takes over from Christine Lagarde who will become the president of the European Central Bank, explained.

Georgieva made this assessment one week ahead of the joint Annual Meeting between the IMF and World Bank (WB) in which both institutions will present their economic projections in a gathering of top central bankers and economy ministers.

The IMF chief warned that the World Economic Outlook for 2019 and 2020 reflects a complex situation compared to the previous figures presented in July in Chile.

In her analysis, Georgieva argued that economic activity is softening in advanced economies, such as the US, Japan and, especially, the eurozone, while in other emerging markets, such as India and Brazil, the slowdown is even more pronounced this year.

China's accelerated growth is experiencing a gradual decrease, she added.

"The precarious outlook presents challenges for countries already facing difficulties - including some of the Fund's program countries."

However, she said that about 40 emerging markets and developing economies, including 19 in sub-Saharan Africa, will have real GDP growth rates above 5 per cent.

Georgieva blamed trade disputes, such as the commercial war between Washington and Beijing, for global economic sluggishness, in addition to geopolitical tensions, such as Brexit, that have sparked uncertainty.

"Global trade growth has come to a near standstill," she warned.

"Even if growth picks-up in 2020, the current rifts could lead to changes that last a generation - broken supply chains, siloed trade sectors, a 'digital Berlin Wall' that forces countries to choose between technology systems," the IMF head added.

The economist said the main goal should now be to fix the fractures that have emerged and called for a coordinated global response.

"I believe we can do it. How? Start by unleashing the growth generating capacity of trade," she said.

"We need to work together, now, and find a lasting solution on trade," Georgieva added.

 

  

Comment on this article

  • Touqeer, Chikmagalur

    Wed, Oct 9 2019

    India is the Leader in world economy slow down

    DisAgree [1] Agree [1] Reply Report Abuse

  • Charles D'Mello, Pangala

    Wed, Oct 9 2019

    In India only BJP Government has to be blamed. Because of raising taxes on everything, they thought they can make themselves 5 trillion economy. Although they reverted back on some taxes, the damage has been done beyond repair. Demonetization is a another blunder they made. By demonetizing all in India, they made enough for their lifetime.

    DisAgree Agree [6] Reply Report Abuse

  • Roshan, Mangaluru

    Wed, Oct 9 2019

    Indian economic crisis rather mess, is man-made and all credit for this goes to Modi Govt.,
    Despite every cautions and requests, Modi govt., choose to call the people who correct it, anti-nationals and walked the country into an unpardonable economic mess.

    Thankfully, for it there are some doctors and sociologists who try to deviate people, faking stories of economic improvements. Dr. Sambit Patra, who is today Chairman of ONGC, gets this ever green and cash rich company into loss making firm. Nothing more could be told.

    Unfortunately, every economic measures that Modi Govt., has taken led into more mess than improving economic situation. Luckily, it has still more 4 and half years, to mess with and none to question.

    The only way to reverse this trend is to ensure state govt., are elected are from opposition, not from BJP. That will reduce Modi govt., taking Indian people for granted with its arrogance. At the same time, opposition ruled states have no alternative but to deliver results.

    DisAgree [8] Agree [21] Reply Report Abuse

  • GK, Mangalore

    Wed, Oct 9 2019

    We didn't made any mistake by choosing Modi. Opposition don't have any eligible candidate. We want democracy not any family run government.

    DisAgree [4] Agree [11] Reply Report Abuse

  • manohar, mangalore

    Wed, Oct 9 2019

    Even though economic slow down happens in the world or in India, we need real economic growth from genuine trading, not from drug trading or fake or counterfeit currency circulation during corrupt congress. One by one banking frauds coming out . All profits showing by the company in their audit is fake . Never think about paying the tax to the govt just bribing the politicians. After introduction of GST real face of the profit making coming int o ligt. Previous all years there was no economic growth at all. Just showing inte audit. Real growth starts now only after paying tax to the govt honestly.

    DisAgree [2] Agree [3] Reply Report Abuse

  • Roshan, Mangaluru

    Wed, Oct 9 2019

    1. You mean to say HAL, BEL, BHEL, Air India, Jet Airways etc. and million other small industries were involved in Drug trade. Genius. Poor guys who lost jobs, now suddenly wake to the fact that you are accusing them even of drug trade.

    2. Do you know counterfeit currency circulation has increased by 25%, than all the previous years, prior to DeMo? Naive Again.

    3. GST, was supposed to improve tax collection. But it is not, as per your own admission. The data given all along so far, was fake as per you. Great fine. But, people are loosing jobs and industries shutting down. And that is truth.

    Anyway ignorance is bliss. Keep it up, but don't spread it.

    DisAgree [1] Agree [3] Reply Report Abuse

  • David Pais, Mangalore

    Wed, Oct 9 2019

    india's economy collapse was man made God forbid dis kind of destructive ruler should not b chosen 2 any other nations.

    DisAgree [21] Agree [18] Reply Report Abuse

  • Dinesh Kumar, Katipalla/Mangaluru

    Wed, Oct 9 2019

    Going by this logic, then Imran Khan is wonderful ruler and Pakistan is flourishing under his rule

    DisAgree [8] Agree [19] Reply Report Abuse

  • Dr.S.Kamath, Mumbai

    Wed, Oct 9 2019

    Thats exactly the reason We ,Modi and all positive Minded people say
    India is the only country which will show some growth inspite of massive global recession and thus dear whole world you better invest in India and Investing in Indian economy ,Investing on the very big young and energetic Indian brains is the only way for the whole world to survive during the recession period

    DisAgree [45] Agree [21] Reply Report Abuse

  • T.Dsilva, Udupi

    Wed, Oct 9 2019

    In every news Doctor finds positive news for Modi, and all bhakths start praising Feku. The real news headline is there will be economic slowdown in 90 percent of the world in 2019.
    But in India economic slow down started in 2017 itself due to Feku policies of demonetisation , wrong GST ,and other policies.
    So Feku made India leading in Economic slow down much earlier than the world.

    DisAgree [14] Agree [32] Reply Report Abuse

  • JNB, Bejai,Mangalore

    Wed, Oct 9 2019

    Dr.S.Kamath,
    Dr.Sambit Patra
    Dr.K.P.Bhat
    always finding positive for Namo in Trillions dollar economy.

    DisAgree [2] Agree [22] Reply Report Abuse

  • I wish I was There, Bahrain

    Wed, Oct 9 2019

    JNB, Bejai,Mangalore
    Doctors, colleges/school only has jobs and business in India, so they are not worried of others loosing jobs.

    Till date there is no cure for Diabetes, they only keep giving medicine but no cure,
    Same like Modi only empty promises but nothing in return

    DisAgree [4] Agree [16] Report Abuse

  • JNB, Bejai,Mangalore

    Wed, Oct 9 2019

    Previous world recession whole world was suffering but India was intact under the
    leadership and eminent economist of Dr.Manmohan Singh.
    "Dr.Singh never speak much but When Dr.Singh speaks whole world listens to him".

    "ಮಾತು ಕಡಿಮೆ ,ದುಡಿಮೆ ಹೆಚ್ಚು "

    DisAgree [8] Agree [21] Reply Report Abuse

  • Dinesh, Dubai

    Wed, Oct 9 2019

    This slow down is man made Modi along with blind bhakths are responsible for mess of India Economy
    Historians can become RBI governors under Feku's rule what improvement can we expect ? If anyone suggests something or talks against the policies Chamcha's will tag them as Anti-national. The blind bhakts cum educated fools only responsible for this economic mess....

    DisAgree Agree [5] Reply Report Abuse

  • N.M, Mangalore

    Wed, Oct 9 2019

    Modi's poor economic policies are responsible for India's man-made economic failure. GST, Demonetization were just two specimens.

    In 2008, Dr. Manmohan Singh had managed to shield India from Recession, but this time under Modi we are facing a Financial Tsunami.

    DisAgree [24] Agree [55] Reply Report Abuse

  • Sangram Sangam, Kundapur

    Wed, Oct 9 2019

    47 tonnes of gold to the Bank of England to raise $405 million loan

    DisAgree [9] Agree [13] Reply Report Abuse

  • Krishna, Udupi

    Wed, Oct 9 2019

    and in 2010-2014 he managed to bring GDP from 11.2% to 5.2%

    what a great achievement ........

    even Potato man would have done better

    DisAgree [2] Agree [8] Reply Report Abuse

  • Clifford Fernandes, Toronto

    Wed, Oct 9 2019

    "Aum tho Fakir hum. Jola leke chela jawunga" Modi said in election rally.
    In this slowdown, what corrective action can you expect from a Fakir ?

    DisAgree [15] Agree [31] Reply Report Abuse

  • SJM, Mangalore

    Wed, Oct 9 2019

    We are not jobless. We export pakoda's to rest of the world

    DisAgree [20] Agree [29] Reply Report Abuse

  • Sangram Sangam, Kundapur

    Wed, Oct 9 2019

    people are blaming Modi

    DisAgree [9] Agree [28] Reply Report Abuse

  • Shankar, Mangaluru

    Wed, Oct 9 2019

    BJP ruling 90% of the world????

    DisAgree [9] Agree [33] Reply Report Abuse

  • I wish I was There, Bahrain

    Wed, Oct 9 2019

    No 1 on the List is.
    India.

    Next time again vote BJP.

    DisAgree [24] Agree [45] Reply Report Abuse

  • Dinesh Kumar, Katipalla/Mangaluru

    Wed, Oct 9 2019

    Bahrain du la BJP unda ??

    DisAgree [10] Agree [30] Reply Report Abuse

  • Dinesh Kumar, Katipalla/Mangaluru

    Wed, Oct 9 2019

    And out of that 90%, India holds 80% of it

    DisAgree [16] Agree [27] Reply Report Abuse

  • j.anata, Mangaluru / Bengaluru

    Wed, Oct 9 2019

    India wisher spotted

    DisAgree [3] Agree [15] Reply Report Abuse

  • RRS, Bangalore

    Wed, Oct 9 2019

    Now it is interesting to see how our PM will sail thru in this situation in coming months
    India still remembers how our Ex PM The great economist MMS guarded the nation without burdening the common people

    DisAgree [21] Agree [36] Reply Report Abuse

  • Nely, Udipi

    Wed, Oct 9 2019

    Guarded the nation in year 2008 when LEHMAN brothers went bankrupt, whole world (except India) economy got devastated and MMS went more strong with pin drop silence.

    DisAgree [2] Agree [12] Reply Report Abuse

  • Sunil Pinto, Dubai/ Udupi

    Wed, Oct 9 2019

    However, India's economy is not affected because of world tours...everything is super fine here, because of world tours, beef exports, and yoga.. some ppl might say.

    DisAgree [30] Agree [42] Reply Report Abuse

  • Sharath, Mangalore

    Wed, Oct 9 2019

    Sunil Pinto, Dubai/ Udupi
    How your business over there????.

    DisAgree [3] Agree [6] Reply Report Abuse

  • Satish, udupi

    Wed, Oct 9 2019

    Please don't blame modiji for economics slowdown.

    DisAgree [55] Agree [29] Reply Report Abuse

  • j.anata, Mangaluru / Bengaluru

    Wed, Oct 9 2019

    Actually so its not only India, but other countries also effected
    India wishers will be frustrated on reading this

    DisAgree [26] Agree [32] Reply Report Abuse


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Title : IMF warns of economic slowdown in 90 per cent of world


 
 
 
 

 
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