Here is an overview of some of the transformations.
If everything goes according to plan, India will be able to reap the fruits of its favourable demography over 2030s and 2040s, before she loses that edge in the 2050s, according to economists.
Measured by output, the world economy is well on the way to recovery from a slump the likes of which barely any of its 7.7 billion people have seen in their lifetimes. Vaccines should accelerate the rebound in 2021. But other legacies of Covid-19 will shape global growth for years to come.
That was China's weakest growth in decades but ahead of the United States and other major economies. They have yet to report 2020 growth but all are on track to show full-year activity contracting before vaccines are rolled out and commerce returns to normal.
India took 'very decisive' steps to deal with coronavirus pandemic and its economic consequences: IMF chief
The IMF Managing Director during a global media roundtable on Thursday predicted a less bad outlook for India in the upcoming World Economic Update due to the steps taken by it.
World Bank Chief Economist Carmen Reinhart said increasing debt distress in many of those countries meant that China, now the world's largest official creditor, would need to start restructuring the debt it is owed.
The coronavirus pandemic is showing no signs of slowing down, with infections surging past 94 million and more than two million deaths, and Europe among the hardest-hit parts of the world.
The state statistics office Destatis said Thursday that only the construction sector showed an upturn as industry and services saw deep declines. Agriculture, financial services, real estate and information and communication suffered smaller declines.
The proposed aid package includes $415 billion to bolster the U.S. response to the virus and the rollout of COVID-19 vaccines, some $1 trillion in direct relief to households.
After withstanding President Donald Trump’s trade war, China is deepening economic ties within Asia and Europe and looking to domestic consumption to power its next phase of growth.
The International Monetary Fund has forecast an 8.8% GDP growth for India in 2021-22. Economists and statisticians say if the economy starts recovering — GDP has contracted by minus 7.5% in the September quarter, from minus 23.9% in the June quarter — the graph next year is bound to be a mirror image of what would be achieved this year.
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Dubai Statistic Centre said the economy declined by 10.8% in the first six months of 2020, which the centre's executive director, Arif Al Muhairi, said was within the expected range of economic contraction, given the massive global economic impact of the COVID-19 pandemic.
All eight high-frequency indicators tracked by Bloomberg News were steady last month, keeping the needle on a dial measuring the so-called ‘Animal Spirits’ unchanged at 5. The level was arrived at by using the three-month weighted average to smooth out volatility in the single-month readings.
Signalling that during the pandemic, the creative industries continue to face a very uncertain future, the report shows that the creative economy is contracting, organisations are closing permanently to avoid bankruptcy, and creative businesses are contending with increasingly difficult choices to cut staff and overheads to ensure they remain resilient.
The world’s biggest and second-biggest economies are on course to trade places in dollar terms in 2028, five years earlier than expected a year ago, it said on Saturday.
Scientists including BioNTech CEO Ugur Sahin and John Bell, Regius Professor of Medicine at the University of Oxford, have said they are testing the vaccines on the new variants and say they could make any required tweaks in around six weeks.
While speaking to ANI, NITI Aayog Vice Chairman Rajiv Kumar on December 31 said India economy will grow at 10% in 2021-22 in real terms. India’s economy to reach pre-Covid level by 2021 end: NITI Aayog VC
USA-FED-Fed says bond-buying changes hinge on 'qualitative' call on economy
What began as a year clouded by the milder threats of a fractious U.S. presidential election, ongoing trade tensions with China, and a hard deadline for U.K. relations with the European Union soon became an existential ordeal to salvage any economic growth at all amid unprecedented lockdowns.
In light of the fourth quarter performance, the Bank of France said it was sticking with a previous estimate that the euro zone's second-biggest economy shrank 9% over the course of last year.
The blue-chip CSI300 index fell 1.5% to 5,437.52, while the Shanghai Composite Index slipped 0.8% to 3,566.38.
China's exporters benefited from the relatively early reopening of its economy and demand for masks and other Chinese-made medical supplies. Exporters have taken market share from foreign competitors that still face curbs imposed to fight the pandemic.
For nearly the entire pandemic, political polarization and a rejection of science have stymied the United States’ ability to control the coronavirus. That has been clearest and most damaging at the federal level, where Trump claimed that the virus would “disappear".
The global economy will grow 4.2% next year and ease to 3.7% in 2022, after shrinking 4.2% this year, the Organisation for Economic Cooperation and Development said in its latest Economic Outlook.
Daily new infections in the United States surpassed 163,000 on Thursday, crossing the 100,000 mark for a ninth consecutive day, and the death toll rose by 1,173 to a total of 242,982. Hospitals in some states are reaching capacity.
India's economy recovered faster than expected in the September quarter as a pick-up in manufacturing helped GDP clock a lower contraction of 7.5 per cent and held out hopes for further improvement on better consumer demand. "India has indeed been severely affected by the pandemic but is gradually recovering," IMF chief spokesperson Gerry Rice said.
Tedros Adhanom Ghebreyesus also condemned the "dangerously short-sighted" cycle of throwing cash at outbreaks but doing nothing to prepare for the next one, in a video message marking Sunday's first International Day of Epidemic Preparedness.
Norov was speaking at the inaugural plenary of four-day 23rd Sustainable Development Conference (SDC) titled: Sustainable Development in the Times of COVID-19, inaugurated by the Sustainable Development Policy Institute (SDPI) in Islamabad on Monday.
Government experts maintain that the Indian economy will come back to pre-Covid levels by the next financial year (2021-22) as it is recovering faster than expected. The committee, headed by former minister and BJP MP Jayant Sinha, has decided to prioritise the long-term impact of Covid-19 on the global economy.
Saudi Arabia is facing its worst economic decline in decades after the COVID-19 pandemic curbed global crude demand and measures to contain it also hurt other sectors. The world's largest oil exporter said on Tuesday it expects the economy to shrink by 3.7% this year but to swing back to growth of 3.2% next year.
Singapore became the first Asian country to start vaccinating healthcare workers against Covid-19 with Pfizer-BioNTech vaccine on Wednesday. The health ministry's expert committee had recommended that persons at high risk of being infected, including healthcare workers and front-line workers, should be given priority for vaccination.
Many individuals have been holding back on their spending till clarity emerges before they make a purchase. Many global investors have been raising caution over the global economies. Although the stock markets across the world have seen a spurt in the last few months as large investors moved away from safe bets such as the US dollar and gold.
The impending vaccination against the coronavirus would spur momentum in economic activity globally, the finance ministry said.
In its annual report for the fiscal 2019-20 released on Wednesday, the State Bank of Pakistan (SBP) said the nation's economy seems poised to pick up from where it was before the COVID-19 shock, The Express Tribune reported on Wednesday.
With schools open and restrictions mainly affecting the catering and hospitality sectors, Germany has taken a softer approach than some of its neighbours but was still bound to suffer from weaker demand from abroad.
Russia started vaccination of front-line workers and other high-risk people in Moscow on Saturday while China too has reportedly geared up for rollout of its domestically made Covid vaccine.
Keeping the virus at bay has been critical to China’s economic success over the past year. While the pandemic ravages other nations, Beijing’s aggressive top-down approach kept the virus from spreading rapidly across the country.
The government now expects a contraction in output of around 10.5%, according to the latest 2020 projections in the 2021 government budget now pending approval in the country's parliament.
This being a pandemic (from the Greek word for “all people”), that welcome development presents all the usual problems of global differences in wealth, power and equity. Rich countries have already placed their orders. Poor countries can only hope not to be left out. What should be done?
FM Sitharaman asserted that India has to invest a lot more in health infrastructure and get more private partners into the sector.
More than any event in memory, the pandemic has been a global event. On every continent, households have felt its devastation, joblessness and lockdowns, infirmity and death.
Bill Gates 'stunned' by pace of scientific advances, says 2021 will be better than 2020; shares details about Covid, vaccines in detailed blogpost
The Microsoft co-founder shared his thoughts on a post-Covid world.
Brent crude was down 16 cents, or 0.3%, at $54.94 per barrel at 1445 GMT, and West Texas Intermediate U.S. crude fell 10 cents, or 0.2%, to $52.26.
The industry has asked that no new taxes be levied as the economy is under stress in its budget recommendations. Experts also opposed the idea, saying the timing wasn’t right.
As per the COVID-19 Dashboard by the Center for Systems Science and Engineering at JHU, the global tally stood at 67,535,605 as of 6.56 am (IST) Tuesday.
No amount of fiscal stimulus will revive the economy until fear is cured and service activities resume. To diminish fear, the top priority of the budget must be to vaccinate as many as possible as quickly as possible.
While the report makes clear that the economy has found a solid footing for now, analysts caution that growth will be much more modest and choppy in months to come.
Mandating vaccines would be especially important to help protect workers in minority.
Dussehra, Diwali and Durga Puja celebrations that extend through the Christmas and New Year holidays are an occasion to splurge on big ticket items like gold, homes and cars as well as clothing, smartphones and electronics.
"As ADB's developing members prepare to vaccinate their people as soon as possible, they need financing to procure vaccines as well as appropriate plans and knowledge to be able to safely, equitably, and efficiently manage the vaccination process," ADB President Masatsugu Asakawa said.
Britain's economy shrank by 2.6% in November, the first monthly fall in output since the country was under its initial COVID lockdown last April as new restrictions were imposed to slow the spread of the disease.
The announcement of Sharma's appointment as Policy Advisor for Testing was made by Biden on Friday along with additional members of the White House COVID-19 Response Team.
India's drugs regulator on Sunday approved Oxford COVID-19 vaccine Covishield, manufactured by the Serum Institute, and indigenously developed Covaxin of Bharat Biotech for restricted emergency use in the country, paving the way for a massive inoculation drive.
Brent crude dropped 97 cents, or 1.9 per cent, to $51.29 a barrel by 0103 GMT after rising 1.5 per cent and touching its highest since March last Friday.
“Recovery is consistently happening over the last few months… I am not sure if the pent up and festival demands will explain more than ₹1 lakh crore GST collection for two consecutive months,” she said.
The package, its fifth, takes the total economic stimulus from the government of Dubai, part of the United Arab Emirates, to 7.1 billion dirhams since March last year, Dubai Crown Prince Sheikh Hamdan bin Mohammed said on Twitter.
Since the fall, the Continent has watched with horror, and paralysis, as another wave struck with nearly equal force — and in some places far more. Hospital corridors were crammed again, respirators overloaded. As death rates spiked, governments imposed new, though watered-down, restrictions, hoping to salvage their economies while keeping the virus at bay.
Secretary Mnuchin’s move comes just as President-elect Joe Biden is preparing to name his own Treasury secretary, and it fits a growing pattern of Mr. Trump’s team doing everything he can to undermine and kneecap the incoming administration’s ability to crisis manage.
The 10-member team sent to Wuhan by the World Health Organization was approved by President Xi Jinping's government after months of diplomatic wrangling that prompted an unusual public complaint by the head of the WHO.
A number of themes will shape the course of the Indian economy through 2021 and beyond. These themes — investing, the future of work, the acceleration of digitisation, and the impact of the pandemic on contact-intensive.
In the midst of cutbacks in workforce and emergency services and growing poverty, U.S. cities, especially the smaller ones, are hoping the next round of stimulus includes them and that President-elect Joe Biden advocates for them when he takes office on Jan. 20.
Vardhan said the roll-out of COVID-19 vaccines will start "very soon". "India has finally received emergency approval from the apex regulator for two vaccines and we will be rolling out vaccination drives very soon," he said.
The new president is expected to reverse many of Donald Trump’s policies that undid those of the Obama administration in which Biden was vice president
If the initiative, aided by Gates’ fortune and focus, manages to help protect the world’s poor from a virus that has already killed more than 1.3 million people, it will affirm the strategies he has promoted in his philanthropic work, including incentives for drug companies.
Citing grim International Monetary Fund (IMF) projections, she alleged India will become the "fastest falling economy" from being the fastest growing economy. She also cited the IMF projections of 10.3 per cent contraction in India's GDP, which is the highest in the world after the UK's 9.8 per cent.
Spanish gross domestic product expanded at a record pace of 16.7% in the third quarter from the previous one, after the lifting of a nationwide lockdown in June allowed the economy to begin recovering from its deepest ever recession. The GDP is still 8.7% smaller than a year ago.
Despite the latest quarterly rise, the economy contracted at a 3.8% annual pace. That's after GDP fell by 0.3% in the first quarter and then by a record 7% in the second quarter.
Economists have marginally raised forecasts this month after a pick-up in consumer demand for autos, non-durables and rail freight during the festival season, as prospects grow for COVID-19 vaccines to be launched early next year.
China's recovery has so far put it on track to be the only major economy expanding this year, according to International Monetary Fund forecasts, while nations around the world continue to struggle with lockdowns and new waves of infections.
Goldilocks economy is often the one where the growth is high but the inflation is under control. That is the economy is in equilibrium or the best state possible: with good employment figures, economic stability and higher than world average growth.
The year 2020 will go down in history as literally the most unprecedented year this planet has ever seen. For the first time, from my perspective, it’s hard for me to say where we are headed or what’s in store for the year ahead. This is a test for the human race, and I am confident that we will find a way.Ratan Tata on the 4 things India needs to keep in mind as it enters 2021
The dramatic collapse of the 15-month-old Congress government helmed by party veteran Kamal Nath was the biggest political event of 2020 in Madhya Pradesh.
Whether we find an effective vaccine or not, I am hopeful that we will eventually find some cure that will reduce the intensity of this pandemic. But it will be imperative for all of us to learn not to take this pandemic for granted.
There are ways the Biden economy might escape the slow-growth economic outlook, if the Senate goes along with enough coronavirus rescue funds to prevent widespread business failures and sharp pullbacks by state and local governments.
The Federal Reserve kept its benchmark interest rate at a record low near zero Thursday and signaled its readiness to do more if needed to support an economy under threat from a worsening coronavirus pandemic. (AP)Federal Reserve signals readiness to do more for US economy as coronavirus rages
The forum will witness discussions centered on refuelling the economy and charting a course for the future as the global economy grapples with the COVID-19 pandemic, the Prime Minister's Office (PMO) said.
The bill proposes to tweak the nearly USD 1 trillion stimulus package signed into law by Trump on Sunday so that its $600 stimulus cheques are increased to $2,000.
A slew of indicators from car sales to services sector activity notched higher last month, while alternative data signal robust demand in an economy that’s primarily driven by domestic consumption.
Nearly two million deaths later, the pandemic is out of control across much of the world, leaving tens of millions ill, a pulverised global economy and recriminations flying between nations.
The overall increase in the gross domestic product, the country's total output of goods and services, remained the same as its first estimate, the Commerce Department reported Thursday, although some components were revised.
The dollar was also caught between two opposing forces, with a safety bid supporting it while renewed speculation over monetary easing to boost the economy held it back somewhat.
Foreign Secretary Harsh Vardhan Shringla, addressing a lecture hosted by the Asian Institute of Diplomacy and International Affairs (AIDIA), a Kathmandu-based non-partisan foreign policy think-tank, said that India is "on the cusp of the availability of a vaccine for the novel coronavirus".
Fears that the pandemic is spiralling out of control in Germany, Europe's biggest economy, prompted Chancellor Angela Merkel and the 16 state governors to announce on Sunday a tough lockdown until Jan. 10 at the earliest.
According to a report by Reuters, India's economy is likely to have shown signs of a pick-up in the quarter to September after a record contraction the previous quarter, and is expected to recover early next year on hopes of better consumer demand fed by progress on coronavirus vaccines.
Gross domestic product grew by a record 16.0% in the third quarter - revised up from a previous estimate of 15.5% - but that still did not make up for its 18.8% slump in the April-June period.
As per the report, titled Asia–Pacific Employment and Social Outlook 2020: Navigating the crisis towards a human-centred future of work, overall labour income is estimated to have fallen by as much as 10% in the Asia–Pacific region in the first three quarters of 2020, equivalent to a 3% loss in gross domestic product.
The plan would provide direct payments of $600 to most Americans and $300-per-week in enhanced unemployment benefits through March, according to lawmakers and aides. Expiring programs for gig workers and the long-term unemployed also would continue.
Africa's biggest economy was last in recession in 2016, its first in a generation, and emerged the following year.
The subject expert committee on Covid-19 of the Central Drugs Standard Control Organisation (CDSCO) on December 9 had sought additional safety and efficacy data for Covid-19 vaccines of SII and Bharat Biotech after deliberating upon their applications.
Wealthy nations in Europe and North America have secured the bulk of limited stocks of vaccines, positioning themselves for starkly improved economic fortunes. Developing countries — home to most of humanity — are left to secure their own doses.
Goyal in an interview to PTI said the management of the COVID-19 pandemic and gradual unlocks announced by the government have helped in avoiding multiple COVID-19 peaks. The growth estimates by different agencies are being continuously revised, she said.
While the new restrictions are so far not as drastic as the near-total shutdown of public life imposed in the spring, they are kicking an economy that's down. For many Europeans, there is a foreboding sense of deja vu.
Throughout the week, the ebb and flow of vaccine news and spiking infections had investors oscillating between economically-sensitive cyclical stocks and pandemic-resistant market leaders.
As recently as Oct. 20, markets were pricing rate cuts of up to 25 basis points from leading central banks by next autumn as the resurgent pandemic threatened a double-dip recession.
In May, the central bank launched a new lending scheme aiming to channel funds to small and medium-sized businesses suffering from the economic fallout of the coronavirus pandemic.
Balance sheet stress that had been building before the coronavirus outbreak will probably worsen, Priyanka Kishore, head of economics for South Asia and South-East Asia, wrote in the report. She projects potential growth for India at 4.5% over the next five years, lower than 6.5% before the virus.
According to latest projections, Biden had 264 of the 538 electoral college votes up for grabs. He only requires another six electoral college votes to reach the magical number of 270, to be declared elected as the next US president.
Foreign investors have continued to provide support to the market as they have been extremely bullish on India in recent months. But this has taken valuations to scary levels, which is reflected in India VIX, indicating nervousness.
The International Monetary Fund in its annual World Economic Outlook significantly downgrades India's growth for the fiscal year 2020 to minus 10.3 per cent. At the same time, IMF said that India is likely to bounce back with an impressive 8.8 per cent growth rate in 2021, but for this New Delhi needs to ramp up its efforts in various fields.