The Economic Times
English EditionEnglish Editionहिन्दीગુજરાતી
| 20 September, 2020, 03:55 PM IST | E-Paper

    IMF says coronavirus crisis "far from over," more support needed

    The International Monetary Fund on Wednesday warned that the coronavirus crisis was "far from over" and underscored the need for multilateral cooperation to ensure adequate supplies once a vaccine is developed.

    Global public debt to exceed post-WW II peak: Gita Gopinath, IMF

    Bankruptcy rates in the services sector in the average country may climb by more than 20 percentage points in administration services, arts, entertainment and recreation, and education. Essential activities like agriculture, water, and waste, may experience only small growth in bankruptcy rates, the IMF said.Global public debt to exceed post-WW II peak: Gita Gopinath, IMF

    Coronavirus impact: IMF predicts India's economy to contract by 4.5% in FY21

    Covid-19 battered India's economy is projected to contract by 4.5 per cent this fiscal, said the International Monetary Fund. In the World Economic Outlook (WEO) forecast report, the IMF said that India's economy is expected to contract on the back of a longer lockdown and a slower recovery than anticipated in April.Accordingly, the country's economy will contract in FY21 from an expansion of 4.2 per cent in FY20. In terms of calendar year 2020, the economy is expected to contract by (-)4 .9 per cent.Coronavirus impact: IMF predicts India's economy to contract by 4.5% in FY21

    IMF projects sharp contraction of 4.5% in Indian economy in 2020; a historic low

    The IMF projected a sharp contraction of 4.5% for the Indian economy in 2020, a "historic low".

    IMF projecting 3% contraction of global GDP due to COVID-19 pandemic: Gita Gopinath

    IMF's Chief Economist Gita Gopinath, in an exclusive coversation with Times Now's Navika Kumar, said that they are projecting a 3% contraction of global GDP due to the COVID-19 pandemic. What the IMF has called the "Great Lockdown" will likely slice $9 trillion off of global growth over the next 20 months, and lower projected GDP in 2020 by more than 6 per cent. IMF chief economist said, "We call this the ‘Great Lockdown’ because Govts are putting economies in a lockdown while dealing with the health crisis. Govts need to provide unprecedented support to revive the economy."IMF projecting 3% contraction of global GDP due to COVID-19 pandemic: Gita Gopinath

    Global economy to be worst hit since Great Depression: Gita Gopinath, Chief Economist, IMF

    The coronavirus pandemic is pushing the global economy into its deepest recession in a century, cutting world output by three percent this year, and the crisis could get worse, the International Monetary Fund said Tuesday. The downturn will slash $9 trillion from the world economy, IMF chief economist Gita Gopinath told reporters as she presented the latest forecasts in the World Economic Outlook.Global economy to be worst hit since Great Depression: Gita Gopinath, Chief Economist, IMF

    Indicators signalling no quick revival in economy: Gita Gopinath

    Earlier this week, Gopinath had said that IMF will revise estimates for India’s economic growth in January, which will be a significant downward cut over the previous estimate. IMF currently projects the country to grow at 6.1 per cent in 2019 and 7 per cent in 2020.

    Prepare for attack by govt ministers on IMF, Gita Gopinath: Chidambaram on growth forecast

    He also alleged that the growth figure of 4.8 per cent given by the International Monetary Fund (IMF) is after some "window dressing" and he won't be surprised if it goes even lower.

    IMF likely to significantly cut India’s growth estimates: Gita Gopinath

    Gopinath expressed concerns over very slow passthrough of the rate cuts seen in India.

    IMF calls on all countries to refrain from putting restrictions on exporting medical supplies

    The IMF has called on all countries to refrain from putting restrictions on exporting medical supplies in view of their massive requirement across the globe to combat the coronavirus pandemic that has killed at least 119,000 people and infected nearly two million.

    It will require a very credible challenger to displace dollar's dominance: IMF chief economist Gita Gopinath

    She said euro has been around for a long time but it has not reached the level yet that it was initially expected to achieve, while China has also been trying to internationalise its currency for long without much success. Speaking here at a WEF 2020 session on dollar's dominance, Gopinath said historically one currency has always dominated the global trade.

    US wealth inequality highest among advanced economies, tax system not right for the times: Gita Gopinath

    As President Donald Trump and his administration touted the bounce back of the US economy, Gopinath also said America should do more to shore up its fiscal toolbox in the event of a more dramatic global slowdown. Gopinath acknowledged the relative staying power of the US economy, but sounded a note of caution on inequality.

    Important for India to keep fiscal deficit in check: Gita Gopinath

    IMF has projected India's growth at 6.1% in 2019 and noted that Indian economy is expected to pick up at 7% in 2020. Even though revenue projections look optimistic, the IMF chief economist said India must not lose sight of its deficit goal.

    IMF calls for 'substantial' stimulus, coordination against virus

    The rising concern about the global economy has been reflected in the continued collapse of global stock markets, with trillions in value wiped out in recent weeks, a rout that continued Monday. Oil prices have also collapsed.

    IMF calls for 'substantial' stimulus against coronavirus

    Given the "acute shocks" caused to economies, consumers and businesses, Gita Gopinath said "policymakers will need to implement substantial targeted fiscal, monetary and financial market measures to help affected households and businesses." That includes "cash transfers, wage subsidies and tax relief" as well as interest rate cuts and financial market support by central banks.

    India needs to keep to its fiscal deficit target; requires increased revenue mobilisation: Gita Gopinath

    "For India, macro stability is very important, which means stability on the fiscal front," Gopinath said.

    IEC 2019: Gita Gopinath talks about global challenges to India's $5 trillion economy

    IEC 2019: Gita Gopinath talks about global challenges to India's $5 trillion economy, How should India deal with NPAs? IMF Chief Econimist Gita Gopinath while speaking at Times Network's India Economic EnclaveIEC 2019: Gita Gopinath talks about global challenges to India's $5 trillion economy

    US-China trade deal, other developments to support global economic pick-up in 2020: Gita Gopinath

    "We are seeing tentative signs of stabilisation, with the decline in manufacturing and trade appearing to have bottomed out. The announcement of a trade deal between the US and China reduced likelihood of a no-deal Brexit and the significant policy stimulus put in place in 2019 should support a pick-up in activity in 2020," the top IMF official said.

    India should focus on structural reforms, bank clean-up and labour reforms: IMF Chief Economist Gita Gopinath

    Recommending policy priorities for the govt, Gopinath said that it was right time for structural reform push.

    What FM can do to make the most out of her second Budget

    FM's second Budget will have to be one that will restore both economic momentum and her political reputation.

    Lessons on RSS for Cadres in Congress Pathshala

    A capsule on the ideology of ruling Bhartiya Janata Party’s think tank Rashtriya Swayamsewak Sangh took newly appointed district level congress leaders for a surprise during the ongoing induction camp here in Rae Bareli.

    IMF lowers India’s FY20 growth estimate to 4.8%

    The International Monetary Fund has slashed its estimate on India’s 2019 economic growth to 4.8% from the 6.1% expansion it projected in October, citing a sharper-than-expected slowdown in local demand and stress in the non-bank financial sector.IMF lowers India’s FY20 growth estimate to 4.8%

    IMF cuts India’s FY20 growth forecast to 4.8%

    The IMF cut its estimate citing a sharper-than-expected slowdown in local demand and stress in NBFC sector.

    IMF Chief Economist Gita Gopinath on Trade War

    Describing current global economic atmosphere as "a delicate moment", IMF chief economist Gita Gopinath Tuesday said that while the global economy continues to grow at a reasonable rate and a global recession is not in the baseline projections, there are many downside risks. IMF Chief Economist Gita Gopinath on Trade War

    Go past 2024-25 and set a medium term goal for getting to a $5- trillion economy: Gita Gopinath, IMF

    One country among emerging markets where the numbers have surprised on the downside is India.

    Economic revival unlikely soon: International Monetary Fund

    Fund’s chief economist Gita Gopinath stresses need for ‘important reforms’ in land acquisition and labour laws

    Expect a minor economic recovery in 2020: Upasna Bhardwaj, Kotak Bank

    We are not looking at meaningful capex expansion in private sector. Capacity utilisation remains on the lower side.

    India story is always half full or half empty: Nilesh Shah

    Be careful in selecting stocks as what is looking safe is expensive and what is cheap is not safe.

    Rich-world problem of lowflation has arrived in emerging markets

    The biggest ones are their currencies, which don’t loom so large for rich-world central bankers (although U.S. President Donald Trump thinks they should). Emerging-market exchange rates get bounced around as capital shifts in and out -– flows that have been amplified by years of cheap money in developed countries.

    Gita Gopinath, Pinelopi Goldberg: Women Economists Who Rule The World

    In a changing world, women are matching strides with men, breaking barriers and setting new boundaries. As workplaces become more inclusive and diverse, we see women taking charge across the sectors. The world of finance and economics, too, has seen the rise of woman power. Women economists, across latitudes, are calling the shots in leading global financial organisations. From the World Bank to the International Monetary Fund, it's women all the way. Here's looking at these power bosses, and their inspiring journeys to the top. In Pic (l to r): Anshula Kant, Gita Gopinath and Pinelopi Koujianou Goldberg.

    Important for India to stay the course on fiscal consolidation: Gita Gopinath

    "Global growth has weakened and we have revised it down. But to be clear, the revisions are quite modest," says Gopinath

    Important for India to stay the course on fiscal consolidation: Gita Gopinath

    There are some things India must do at this juncture and some it must not, says the new IMF chief economist.

    India must stick to fiscal math: Gita Gopinath, IMF

    “India is one of the few countries for which our estimates point to increase in growth rate for 2019.”

    IMF Appoints Gita Gopinath as Chief Economist

    Harvard Professor Gita Gopinath has been appointed as the chief economist of the International Monetary Fund (IMF), replacing Maury Obstfeld who will retire in December.IMF Appoints Gita Gopinath as Chief Economist

    Gita Gopinath joins IMF as its first female Chief Economist

    Gopinath's joined last week at a time, when she believes the world is experiencing a retreat from globalisation, posing challenges to multilateral institutions.

    Gita Gopinath faces tough global landscape to navigate: IMF chief economist

    The 46-year-old economist, who will assume the office in January, is the second Indian to be appointed to the role of chief economist after Raghuram Rajan.

    IMC Ladies’ Wing organises exhibition, celebrates women entrepreneurs working towards sustainability

    With almost 15,000 visitors over two days, the exhibition was a huge success.

    IMF warns Trump tariff, currency policy won't work

    In unusually blunt language, the IMF warned that US President Donald Trump's policy moves are counterproductive.

    GST, IBC, Biz rankings key measures taken up by Modi govt: IMF's Gita Gopinath

    IMF chief economist Gita Gopinath, in an exclusive converation with ET NOW's Supriya Shrinate on sidelines of World Economic Forum in Davos, has talked on various issues related to Indian economy. GST, IBC and improvement in Ease of Doing Business are the key measures taken up by Narendra Modi govt, said Gita.Reacting on loan waivers, IMF chief economist said that there can be no quick fixes like loan waivers. India is one of the few countries for which growth forecast has been raised. Listen in as IMF chief economist Gita Gopinath talks to ET Now's Supriya Shrinate.GST, IBC, Biz rankings key measures taken up by Modi govt: IMF's Gita Gopinath

    In order to reach 7% growth rate, H1 has to grow at least 6.5%: Ashima Goyal

    Investment demand is quite high in India, if it is measured properly, says the member, PMEAC

    Harvard economist Gita Gopinath appointed chief economist at IMF

    Gita Gopinath is currently the John Zwaanstra Professor of International Studies and Economics at Harvard University.​​​​​​​​​​​​

    IMF cuts India's GDP growth forecast to 7% for FY20

    The International Monetary Fund (IMF) has cut its projection for India's economic growth by 0.3 percentage points to 7 per cent for the fiscal year 2019-20 owing to the "weaker-than-expected outlook" for the domestic demand.IMF cuts India's GDP growth forecast to 7% for FY20

    IMF cuts India’s FY20 growth forecast by 30 bps to 7%

    India’s economy is set to grow at 7% in 2019, picking up to 7.2% in 2020.

    State-run banks should be freed of constraints: Raghuram Rajan

    He is also of the view that there is no guarantee that privatisation will be a panacea.

    Farm loan waiver not a permanent solution to agrarian crisis in India: Gita Gopinath

    She touched on a host of issues from the state of US economy, global financial health, uncertainties around Brexit and the much talked-about Chinese growth figures. She also said that the new Chinese growth figures are consistent with IMF's predictions.

    Market Movers: What changed for D-Street while you were sleeping

    Foreign portfolio investors (FPIs) bought Rs 467 crore worth of domestic stocks on Thursday.

    IMF chief economist describes current economic atmosphere as 'a delicate moment'

    Beyond 2020, global growth is expected to stabilise at around 3.5 per cent, bolstered mainly by growth in China and India.

    View: How bad banks hurt your economy

    ECB has forced banks to be more open about the value of the exposures sitting on their books.

    Nothing's taboo for new IMF Chief Economist, first woman in job

    The shift is likely to continue under Gopinath, who became the first woman to hold one of the most influential jobs in economics when she took over from Maurice Obstfeld this month.

    IMF revises down global growth rate to 3.5% for 2019 amid trade tensions

    The world economy absorbed more bad news Monday: The International Monetary Fund cut its growth forecast for 2019. And China, the world's second-biggest economy, said it had slowed to its weakest pace since 1990. "China's growth slowdown could be faster than expected especially if trade tensions continue, and this can trigger abrupt sell-offs in financial and commodity markets"_ something that happened when Chinese growth sputtered in 2015, said IMF chief economist Gita Gopinath.IMF revises down global growth rate to 3.5% for 2019 amid trade tensions

    World steps up to study India's cash ban while Modi looks away

    The Centre hasn’t assessed the impact of one of history’s most sweeping changes in currency policy.

    Demonetisation hit growth by 2 percentage points: US Study

    The study noted that demonetisation lowered the growth rate of economic activity by at least 2 percentage points.

    Economists call for enhancing tax base

    “Don’t squeeze spending because capital expenditure gets hit... raise the tax base. The GST is a good possibility for transformative change,” said Amartya Lahiri, who teaches at the Vancouver School of Economics.

    Economists call for enhancing tax base

    “Don’t squeeze spending because capital expenditure gets hit... raise the tax base. The GST is a good possibility for transformative change,” said Amartya Lahiri, who teaches at the Vancouver School of Economics.

    Important for Indian govt to heed RBI's message on financial stability, says IMF Chief Economist

    Addressing a group of journalists, he also said the International Monetary Fund does not want politicians "manipulating" central banks for political ends.

    A full-blown trade war will hurt India, says Harvard prof Gita Gopinath

    “Can we limit the extent of the impact of a trade war? I am quite worried.”

    De-escalate, fix, do not break: Christine Lagarde, IMF

    In an exclusive interview with ET NOW’s Supriya Shrinate, IMF chief Christine Lagarde urges global leaders to fix and not destroy global trade.De-escalate, fix, do not break: Christine Lagarde, IMF

    IMF MD Christine Lagarde urges global leaders to fix and not destroy global trade

    "I hope tensions will de-escalate because players will appreciate the virtue and sit around the table to fix global trade and not destroy it," the IMF chief said.

    Indian economy is going to be in top three, if not the top one, says IMF chief Christine Lagarde

    Christine Lagarde’s key message to the world is, de-escalate, fix, do not break

    IMF's new chief economist is a great choice: Mohamed A El-Erian

    Gopinath is going to bring expertise, insights and cognitive diversity to the IMF, says El-Erian.

    India should ensure it is safe for women: Gita Gopinath

    "The country faces a skills deficit and people aren't equipped for the new jobs that Fourth Industrial Revolution will bring," she added.

    I am politically very naive, says Gita Gopinath

    Following her appointment, concerns were raised by some Communist leaders about the state government roping in a person who is more into market economy and liberal policies.

    I am politically very naive, says Gita Gopinath

    Following Gopinath's appointment, concerns were raised by some Communist leaders about the state government roping in a person who is more into market economy and liberal policies.

    India needs to fix many things for real turning point: Gita Gopinath

    The Harvard economist said that given that a lot of positive steps that have been taken, the turnaround might happen sooner than later.

    Commodity rebound can challenge India story: Gita Gopinath

    India is in a sweet spot with respect to macro stabilisation. But when commodity prices do turnaround, I mean that is associated concern.

    ‘Inflation is a more imminent concern for India than growth’

    The slowdown in Indian market has stabilised for sure. I think we are on the upside.

    Believe India is at a turning point currently: Gita Gopinath

    'Most measures of confidence have gone up. Business confidence, consumer confidence, rating agencies, S&P -- all have gone up.'

    India likely to grow at 6 per cent in 2014-15: Gita Gopinath

    The Survey added that reversion to a growth rate of around 7-8 per cent can only occur beyond the ongoing and the next fiscal.

    need2know: Six macros that may matter to you today

    Kerosene subsidy is poised to fall sharply as higher supply of cooking gas and rural electrification have encouraged the government to cut supply of the inefficient fuel.

    Land, labour reforms key for manufacturing boost: Pawan Munjal

    Taking a contrary view, IT major Tech Mahindra's Vice Chairman Vineet Nayyar said the trickle down effect as expected has not happened.

    Improving investment climate challenge for new govt: Gita Gopinath

    The biggest challenge before the next government would be to push economic reforms and reduce uncertainties about taxation and regulatory practices.

    Third eye: A long wait for the audience

    Railway Board has directed all zonal railways to resort to bubble taps with suitable arrangements for disposable cups at all functions and meetings.

    There is disappointment that India has not realised its potential: Gita Gopinath

    "There is a perception among international investors that Modi govt will be a good given his image as someone who can get things done," says Gita.

    Investors are particularly nervous about India: Gita Gopinath, Harvard University

    There is a sense that with elections around the corner in India there is no stomach for tough reforms that stimulate the economy.

    Perception about India has changed; confidence has gone up: Gita Gopinath, Harvard University

    Rating agencies’ confidence has gone up. What we haven’t still seen is any uptick in investment, consumer durables and industrial production.

    Don’t expect any big movement in market in near term: Gita Gopinath

    'In case of a disappointment, there could be pull-out from India, but I have a more sanguine approach to the risks here,' says Gita Gopinath.

    Food security bill is all about political gains: Prof Gita Gopinath

    She also thinks India is not on the brink of a BoP crisis, but short-term liquidity could become a problem. Excerpts from an interview with ET :

    Economist Gita Gopinath’s idea fuelling Francois Hollande’s revival strategy for France

    The Harvard University professor has pushed for tax intervention as a way forward for euro zone that cannot devalue their exchange rates.

    4 Indian-origin experts among IMF's 25 gen-next economists

    Pathak played a role in applying engineering approaches to microeconomics. His research focuses on market design, education and urban economics.

    Anti-outsourcing stance not in US' best interests: Gita Gopinath

    Gita Gopinath, the first female Indian-origin professor at Harvard's economics department says that the outsourcing issue is deeply political at this point.

    Retail FDI not among top reforms needed to revive Indian economy: Gita Gopinath, professor at Harvard University

    "I would not list retail FDI among top five most important things, it is a welcome development and the beginning of a serious reforms agenda".

    Extreme move for credit rating agencies to downgrade India to junk status: Gita Gopinath

    The fiscal situation is a source of concern but with sovereign debt entirely Re denominated, the fears of default are remote, Gopinath has said.

    Budget 2011: Think long-term & take bold steps to avoid transitional pain, says Gita Gopinath, Professor, Harvard University

    The Indian economy has a lot of strengths and its potential to continue to grow at over 8-9% a year can and should be realized.

    Indian-origin teacher appointed full professor in Harvard

    Gita Gopinath, an Indian-origin associate professor at Harvard University's Department of Economics, has been appointed a full professor, the first Indian woman in the institution's history to be given this appointment.

    GDP Truth: No, India didn't do better than US did

    Many on Twitter seemed to have bought into the narrative that India performed better compared to its peers, contracting much less in the April-June quarter.

    View: Efficient credit alone can take India where it aspires to be

    In all the 30 most severe credit boom episodes around the world, where credit in the economy grew at a speed faster than the economy itself for five years or so, GDP growth in the next five years halved in those countries. This includes Japan in the 1980s, Greece where private credit almost doubled from 2002 to 2008, Thailand before the Asian financial crises, and the subprime lead credit boom prior to 2008 in the US.

    It is time to be a little positive on financial space: Hemang Jani

    ‘We are definitely very positive on names like HDFC Bank and ICICI Bank’

    Coronavirus could cost world $1 trillion

    Investors nervous as economists predict the outbreak could wipe out a huge chunk of global GDP.

    IMF projects India's growth rate at 1.9% in 2020, forecasts global recession due to COVID-19

    The IMF on Tuesday projected a GDP growth of 1.9 per cent for India in 2020.

    Ambition on hold: India’s pursuit of $5 trillion economy by 2025 will need recalibration

    The Covid crisis escalated things dramatically since March with businesses struggling to make all ends meet. As one of the major planks of the mega economic dream, the poor health of MSMEs will mean India’s vision of being a $5 trillion economy will need new tactics and more patience.

    Modi, Shah are a drag on Indian democracy: Sibal

    Congress leader Kapil Sibal on Tuesday said the nationwide protests against the amended citizenship law reflected that Prime Minister Narendra Modi and Union Home Minister Amit Shah were a "drag on Indian democracy".

    View: WHO crisis raises deeper questions on multilateralism. Needed: New post-corona world order

    Many of our global institutions are so dependent on their donors for funding that they often become pawns for their political agendas. This has contributed to what Shashi Tharoor and Samir Saran have termed the “new world disorder”, with countries slipping back into 19th century style spheres of influence.

    Nirmala Sitharaman, Ravi Shankar Prasad to speak at Times Network’s India Economic Conclave

    Over the years, India Economic Conclave has been instrumental in addressing critical issues related to the country’s economy. As a platform, it has brought together the sharpest minds in business, governance and policymaking and has become the hallmark of economic thought leadership.

    ET View: Nobel for Abhijit Banerjee

    While Banerjee got his PhD from Harvard, he did his Bachelor’s in economics from Presidency, Calcutta and his Master’s from JNU.

    Policymakers must undo trade barriers to revive global growth: IMF

    The International Monetary Fund (IMF) has urged that policymakers must put in place with durable agreements, rein in geopolitical tensions to boost confidence and reinvigorate investment.

    The Economic Times