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A street is crowded by shoppers in Tokyo. Japan’s economy is opening cautiously, with social-distancing restrictions amid the coronavirus pandemic.(AP)

Covid-19: World economy that took elevator down faces steep stairs back up

By Bloomberg | Posted by Arpan Rai
PUBLISHED ON JUL 05, 2020 11:04 PM IST
Even with those rescue efforts, the world is still suffering its worst economic crisis since the Great Depression.
Gita Gopinath, chief economist with the International Monetary Fund (IMF) has warned of a prolonged recovery.(Bloomberg)
Gita Gopinath, chief economist with the International Monetary Fund (IMF) has warned of a prolonged recovery.(Bloomberg)

V-shaped recovery not guaranteed, IMF chief economist Gita Gopinath warns UK

By Bloomberg | Posted by Kanishka Sarkar
UPDATED ON JUL 02, 2020 01:45 PM IST
Globally, this will likely be a prolonged recovery, with activity levels below pre-crisis levels even by the end of 2021. There are still upside risks, IMF chief economist Gita Gopinath said.
Workers walk past an Indo-Tibetan Border Police (ITBP) officer at the campus of Radha Soami Satsang Beas, a spiritual organization, where a coronavirus disease care centre has been constructed for the patients amidst the spread of the disease, in New Delhi.(REUTERS)
Workers walk past an Indo-Tibetan Border Police (ITBP) officer at the campus of Radha Soami Satsang Beas, a spiritual organization, where a coronavirus disease care centre has been constructed for the patients amidst the spread of the disease, in New Delhi.(REUTERS)

India’s economy is ailing from more than Covid-19

By Bloomberg | Posted by Arpan Rai
PUBLISHED ON JUN 26, 2020 05:26 PM IST
The IMF’s projection is by and large in line with estimates from investment banks and other international organizations. Indian officials have been reticent about their own estimates. This is not surprising: India’s economy has not contracted since 1979.
The IMF said while banks entered the crisis with higher liquidity and capital buffers, insolvencies will test the resilience of the sector.(Reuters file photo)
The IMF said while banks entered the crisis with higher liquidity and capital buffers, insolvencies will test the resilience of the sector.(Reuters file photo)

Covid-19: IMF warns markets at risk of correction after run-up

By Reuters| Posted by: Harshit Sabarwal
UPDATED ON JUN 26, 2020 12:12 PM IST
Equity markets tailspinned into bear market territory in record time earlier this year as the virus and related lockdowns pounded sentiment, but they have broadly rallied from their March 23 low.
Some high-frequency economic indicators — those released more often than a quarter, perhaps every month, even week — could see a sharp rise in June.(AFP photo)
Some high-frequency economic indicators — those released more often than a quarter, perhaps every month, even week — could see a sharp rise in June.(AFP photo)

Covid-19: What you need to know today

Hindustan Times, New Delhi | By R Sukumar
UPDATED ON JUN 26, 2020 04:58 AM IST
The lockdown imposed to slow the spread of the coronavirus disease officially ended on May 31, after 68 days, and we are in a phase (till June 30), that the government calls Unlock 1.0.
The IMF’s record reveals that this is the lowest ever for India since 1961. The IMF does not have the data beyond that year. However, India’s economy is expected to bounce back in 2021 with a robust six per cent growth, it said.(Bloomberg Photo)
The IMF’s record reveals that this is the lowest ever for India since 1961. The IMF does not have the data beyond that year. However, India’s economy is expected to bounce back in 2021 with a robust six per cent growth, it said.(Bloomberg Photo)

Covid-19: IMF projects sharp contraction of 4.5% in Indian economy in 2020

Washington | By Press Trust of India| Posted by: Harshit Sabarwal
UPDATED ON JUN 24, 2020 06:57 PM IST
The International Monetary Fund (IMF) projected the global growth at –4.9 per cent in 2020, 1.9 percentage points below the April 2020 World Economic Outlook (WEO) forecast.
Advanced economies have been particularly hard-hit, with U.S. output now expected to shrink 8.0% and the euro zone 10.2% in 2020, both more than 2 percentage points worse than the April forecast, the IMF said.(REUTERS)
Advanced economies have been particularly hard-hit, with U.S. output now expected to shrink 8.0% and the euro zone 10.2% in 2020, both more than 2 percentage points worse than the April forecast, the IMF said.(REUTERS)

IMF predicts deeper global recession due to coronavirus pandemic

Washington | By Reuters
UPDATED ON JUN 24, 2020 06:39 PM IST
A recovery in 2021 also will be weaker, with global growth forecast at 5.4% for the year compared to 5.8% in the April forecast.
In the previous week ended May 29, the reserves had increased by USD 3.44 billion to USD 493.48 billion.(getty Image)
In the previous week ended May 29, the reserves had increased by USD 3.44 billion to USD 493.48 billion.(getty Image)

India’s forex reserves jump USD 8.22 billion; cross half-a-trillion mark for first time

Mumbai | By Press Trust of India
PUBLISHED ON JUN 12, 2020 07:41 PM IST
The reserves rose to USD 501.70 billion in the reporting week helped by a whopping rise in foreign currency assets (FCA).
Gita Gopinath, chief economist at the International Monetary Fund (IMF)(Bloomberg File Photo)
Gita Gopinath, chief economist at the International Monetary Fund (IMF)(Bloomberg File Photo)

Covid-19 fallout: IMF weighs plan to re-allot SDR to low-income nations

Mint, New Delhi | By Asit Ranjan Mishra
UPDATED ON JUN 10, 2020 08:06 AM IST
IMF chief economist Gita Gopinath said the SDR allocation issue is being discussed and that there is no consensus on it at this point.
During the week ended May 29, foreign currency assets, a major component of the overall reserves, increased by $3.50 billion to $455.21 billion, data from the RBI showed.(Getty Images/iStockphoto)
During the week ended May 29, foreign currency assets, a major component of the overall reserves, increased by $3.50 billion to $455.21 billion, data from the RBI showed.(Getty Images/iStockphoto)

India’s forex reserves surge to all-time high of $493.48 billion

Mumbai | By Press Trust of India | Posted by Kanishka Sarkar
UPDATED ON JUN 05, 2020 09:02 PM IST
The reserves, which are counted as a key strength as the country faces the economic impact of the Covid-19 pandemic, had risen by $3 billion to an all-time high of $490.044 billion in the previous week.
The International Monetary Fund logo is seen during the IMF/World Bank meetings in Washington, US.(REUTERS)
The International Monetary Fund logo is seen during the IMF/World Bank meetings in Washington, US.(REUTERS)

IMF warns banks against taking excessive risks due to low rates

Bloomberg | By Bloomberg | Posted by Harshita Singh
PUBLISHED ON MAY 22, 2020 06:16 PM IST
Bank profitability likely will be under pressure for the next five years, based on a simulation of nine advanced economies, the Washington-based lender said in an analytical chapter released on Friday.
Queuing up for bigger share of the pie: Pakistan military has proposed a 20 % hike in budget to give itself a raise(Facebook/ImranKhanOfficial)
Queuing up for bigger share of the pie: Pakistan military has proposed a 20 % hike in budget to give itself a raise(Facebook/ImranKhanOfficial)

As Pak army pushes for 20% hike in budget, India’s ‘I told you so moment’

Hindustan Times, New Delhi | By Shishir Gupta
UPDATED ON MAY 16, 2020 08:28 PM IST
A leaked Defence Ministry memorandum said the Joint Staff Headquarters in consultation with the service headquarters had proposed the hike because personnel were feeling the crunch due to a devalued rupee and inflation
IMF MD said the organisation would recommend approval of Chile’s request for a two-year, $23.8 billion flexible credit line(Reuters file photo)
IMF MD said the organisation would recommend approval of Chile’s request for a two-year, $23.8 billion flexible credit line(Reuters file photo)

Will back Chile’s request for $23.8 billion flexible credit line, says IMF

Washington | By Reuters | Posted by: Prashasti Singh
PUBLISHED ON MAY 13, 2020 05:55 AM IST
The IMF’s executive board discussed Chile’s request during an informal session on Tuesday, and Managing Director Kristalina Georgieva would endorse the step when the board meets to take a formal decision in coming weeks.
IMF Chief Economist and Director of the Research Department, Gita Gopinath said, baseline scenario assumed that the pandemic fades in the second half of this year and that containment measures can be gradually wound down, a scenario that looks less likely now.(AFP)
IMF Chief Economist and Director of the Research Department, Gita Gopinath said, baseline scenario assumed that the pandemic fades in the second half of this year and that containment measures can be gradually wound down, a scenario that looks less likely now.(AFP)

IMF says economic outlook worsened since forecast in mid April

By Bloomberg | Posted by: Shankhyaneel Sarkar
UPDATED ON MAY 08, 2020 06:29 AM IST
The IMF said in the World Economic Outlook report on April 14 that global gross domestic product will decline 3% this year.
The ongoing coronavirus disease (Covid-19) pandemic and the lockdown enforced to slow its progress have roiled the economy.
The ongoing coronavirus disease (Covid-19) pandemic and the lockdown enforced to slow its progress have roiled the economy.

Second economic stimulus package likely soon: CEA

Hindustan Times, New Delhi | By Sunetra Choudhury and Rajeev Jayaswal
UPDATED ON MAY 06, 2020 01:04 PM IST
The focus of the package, when it is announced, will be making the Indian economy self-reliant and turning the current crisis into an opportunity, a second person familiar with the matter said, asking not to be identified.
Gold reserves rose by USD 221 million to USD 32.901 billion in the reporting week, the RBI data showed.(REUTERS file photo)
Gold reserves rose by USD 221 million to USD 32.901 billion in the reporting week, the RBI data showed.(REUTERS file photo)

India’s Forex reserves fall USD 113 million to USD 479.45 billion: Report

Mumbai | By Press Trust of India
PUBLISHED ON MAY 01, 2020 06:59 PM IST
In the reporting week ended April 24, the foreign currency assets (FCAs), a major component of the overall reserves, decreased by USD 321 million to USD 441.56 billion.
European Union finance ministers also agreed that the euro zone, which the IMF predicts will plunge into a 7.5% recession this year because of the Covid-19 pandemic, will need money to recover, but they had different ideas on how much is needed and how to raise it.(AP)
European Union finance ministers also agreed that the euro zone, which the IMF predicts will plunge into a 7.5% recession this year because of the Covid-19 pandemic, will need money to recover, but they had different ideas on how much is needed and how to raise it.(AP)

Europe needs at least 500 billion euros from EU institutions for economic recovery: Report

Brussels | By Reuters
UPDATED ON APR 19, 2020 01:01 PM IST
European Union finance ministers agreed on April 9th on safety nets for sovereigns, companies and individuals worth in total 540 billion euros.
The Indian representative on the IMF executive board had spotlighted Pakistan’s treatment of minorities at a meeting to clear $1.5 billion funds(AFP)
The Indian representative on the IMF executive board had spotlighted Pakistan’s treatment of minorities at a meeting to clear $1.5 billion funds(AFP)

India stings Pakistan over its minority record at IMF meet for $1.4 bn aid

Hindustan Times, New Delhi | By Shishir Gupta
UPDATED ON APR 18, 2020 11:41 AM IST
At the IMF meeting, Surjit Bhalla pointed to reports to show that minorities such as the Hindus, Sikhs, Christians and Ahmadiyya communities are treated with disadvantage in Covid-19 relief
Global contraction of coronavirus in the first of 2020 is inevitable , IMF MD Kristalina Georgieva said.(REUTERS)
Global contraction of coronavirus in the first of 2020 is inevitable , IMF MD Kristalina Georgieva said.(REUTERS)

Covid-19: A large global contraction in the first half of 2020 inevitable, says IMF

Washington | By Press Trust of India
UPDATED ON APR 18, 2020 06:47 AM IST
IMF Managing Director Kristalina Georgieva said a severe economic impact in the first half of 2020 is inevitable and the pandemic encounters weak public health systems.
“The RBI has been monitoring the situation very closely and we have been coming up with certain announcements every second or third day,” Das said.(ANI)
“The RBI has been monitoring the situation very closely and we have been coming up with certain announcements every second or third day,” Das said.(ANI)

‘Financial landscape has deteriorated but light shines through,’ says RBI Governor: 10 points

Hindustan Times, New Delhi | By HT Correspondent
UPDATED ON APR 17, 2020 05:26 PM IST
“It has been decided to reduce the fixed reverse repo rate under liquidity adjustment facility (LAF) by 25 basis points from 4% to 3.75%, with immediate effect,” Das announced.
Reserve Bank of India (RBI) Governor Shaktikanta Das(PTI file photo)
Reserve Bank of India (RBI) Governor Shaktikanta Das(PTI file photo)

‘In the midst of darkness light persists’: RBI governor quotes Mahatma Gandhi

Hindustan Times, New Delhi | By HT Correspondent
UPDATED ON APR 17, 2020 10:29 AM IST
The RBI governor quoted from Mahatma Gandhi’s speech in October 1931 in London’s Kingsley Hall to focus on what the central bank is doing in its fight against the coronavirus disease.
“The outbreak of Covid-19 is having a significant impact on the Pakistani economy,” said Geoffrey Okamoto, the IMF’s First Deputy Managing Director and Acting Chair.(AP file photo. Representative image)
“The outbreak of Covid-19 is having a significant impact on the Pakistani economy,” said Geoffrey Okamoto, the IMF’s First Deputy Managing Director and Acting Chair.(AP file photo. Representative image)

Covid-19: IMF approves nearly $1.4 billion to Pakistan as financial aid

Washington | By Press Trust of India
PUBLISHED ON APR 17, 2020 06:03 AM IST
This is in addition to the USD 6 billion bailout package that Islamabad signed with the IMF in July last year to stave off a balance of payment crisis.
The Indian Airforce is playing an important role in managing the Covid-19 crisis by ferrying medical and essential supplies to different parts of the country.(HT file photo)
The Indian Airforce is playing an important role in managing the Covid-19 crisis by ferrying medical and essential supplies to different parts of the country.(HT file photo)

News updates from Hindustan Times: IAF chopper on Covid-19 duty makes precautionary landing on expressway and all the latest news

Hindustan Times, New Delhi | By HT Correspondent
UPDATED ON APR 16, 2020 12:56 PM IST
Here are today’s top news, analysis and opinion curated for you. Know all about the latest news and other news updates from Hindustan Times.
International Monetary Fund Managing Director Kristalina Georgieva said Britain should ask for an extension to its post-Brexit transition period.(AP)
International Monetary Fund Managing Director Kristalina Georgieva said Britain should ask for an extension to its post-Brexit transition period.(AP)

UK should seek longer Brexit transition amid Covid-19 crisis, says IMF chief

London | By Reuters
UPDATED ON APR 16, 2020 12:51 PM IST
“It is tough as it is. Let’s not make it any tougher,” Kristalina Georgieva, the IMF’s managing director, told BBC radio in comments broadcast on Thursday.
But, since Asia was exposed to the virus before other countries, a recovery may begin earlier, and growth in 2021 is expected to rise to 7.6 percent, Chang Yong Rhee, Director of the IMF’s Asia and Pacific Department said.(AP file photo)
But, since Asia was exposed to the virus before other countries, a recovery may begin earlier, and growth in 2021 is expected to rise to 7.6 percent, Chang Yong Rhee, Director of the IMF’s Asia and Pacific Department said.(AP file photo)

Asia doing better than other regions, may recover faster says IMF

Washington | By Press Trust of India
UPDATED ON APR 16, 2020 11:58 AM IST
Chang Yong Rhee, Director of the IMF’s Asia and Pacific Department also said that the impact of the deadly coronavirus on Asia will be severe, across the board, and unprecedented.
A man has his temperature checked before he is allowed in a goldsmith store as demand for cash increases after the partial shut down caused by the outbreak of the coronavirus disease hurts the local economy in Bangkok.(Reuters Photo)
A man has his temperature checked before he is allowed in a goldsmith store as demand for cash increases after the partial shut down caused by the outbreak of the coronavirus disease hurts the local economy in Bangkok.(Reuters Photo)

Covid-19 pandemic to bring Asia’s 2020 growth to halt, a first in 60 years: IMF

Tokyo | By Reuters
UPDATED ON APR 16, 2020 12:51 PM IST
Asia’s economy is likely to suffer zero growth this year for the first time in 60 years, the IMF said in a report on the Asia-Pacific region released on Thursday.
The International Monetary Fund (IMF) is prepared to commit its full $1 trillion in lending capacity to meet the demand, Managing Director Kristalina Georgieva said.(REUTERS)
The International Monetary Fund (IMF) is prepared to commit its full $1 trillion in lending capacity to meet the demand, Managing Director Kristalina Georgieva said.(REUTERS)

‘A crisis like no other’: IMF facing huge demand for support amid coronavirus pandemic

Washington | By Press Trust of India
PUBLISHED ON APR 16, 2020 07:22 AM IST
An unprecedented 102 of the IMF’s 189 member countries are seeking assistance from the organization, Managing Director Kristalina Georgieva said.
On March 25, India entered a three-week lockdown, which was slated to end on April 14. The lockdown was extended till May 3.(HT file photo)
On March 25, India entered a three-week lockdown, which was slated to end on April 14. The lockdown was extended till May 3.(HT file photo)

IMF backs India’s ‘proactive’ Covid-19 response

Washington | By Press Trust of India
UPDATED ON APR 16, 2020 06:57 AM IST
A day earlier, the IMF in its World Economic Outlook had forecast India’s growth rate to be 1.9 per cent in 2020.
The IMF said the pandemic will cut world output by 3% this year. Economists differed on the impact of the coronavirus on China’s economy, with first-quarter contraction estimates ranging from 4.6% to 15 %.(Bloomberg file photo. Representative image)
The IMF said the pandemic will cut world output by 3% this year. Economists differed on the impact of the coronavirus on China’s economy, with first-quarter contraction estimates ranging from 4.6% to 15 %.(Bloomberg file photo. Representative image)

China’s economy shrinks for the first time in decades: Survey

Beijing | By Agence France-Presse
UPDATED ON APR 16, 2020 06:51 AM IST
Analysts from 14 institutions expect China’s economy to have shrunk 8.2% from a year ago in the first quarter—the first contraction since quarterly data started to be reported in the early 1990s.
A member of the Hasidic Jewish community walks outside the emergency centre at Maimonides Medical Center during the outbreak of the coronavirus disease in the Brooklyn borough of New York.(Reuters Photo)
A member of the Hasidic Jewish community walks outside the emergency centre at Maimonides Medical Center during the outbreak of the coronavirus disease in the Brooklyn borough of New York.(Reuters Photo)

Coronavirus update- ‘World needs recovery’: IMF tells nations to refrain from export bans on medical supplies

Washington | By Press Trust of India
UPDATED ON APR 15, 2020 12:12 PM IST
Medical supplies like surgical masks, gowns and ventilators are required in massive number across the globe because of the coronavirus pandemic that surfaced in central China’s Wuhan city last year and spread to at least 185 countries and territories.
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