Fitch Ratings makes further cuts to global GDP forecasts, but says global recession bottoming out; India decline seen at 5%


Fitch Ratings said it was making further cuts to world GDP forecasts in its latest Global Economic Outlook (GEO), but added that the slump in global economic activity was close to reaching its trough. “World GDP is now forecast to fall by 4.6% in 2020 compared to a decline of 3.9% predicted in our late-April […]

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Prime Minister Modi announces $266 billion package to support India’s coronavirus-hit economy

Prime Minister Narendra Modi went on national television on Tuesday to announce a 20 trillion rupee ($266 billion) financial stimulus package to support India’s tottering economy ravaged by the coronavirus. He also appealed to Indians to become self reliant and said the package equivalent to 10 percent of India’s gross domestic product (GDP) would help […]

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COVID-19 hits global steel industry hard, demand seen declining further in Q2/2020 – worldsteel


Shutdowns, disrupted supply chains, collapsing confidence and delayed investment and construction projects and a decline in consumption activity is hitting the global steel industry hard, worldsteel said in a statement, adding it was holding back on on its short-term outlook for steel demand due to uncertainties triggered by the coronavirus pandemic. Financial market volatility and […]

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A comprehensive gold policy in the current context could be a game changer, says WGC


Gold prices have been volatile as country after country faces an economic slowdown in the face of an impending global recession triggered by a vicious spread of the dreaded coronavirus, infecting millions and killing tens of thousands of people. However, Somasundaram PR, Managing Director (India), World Gold Council, strongly believes that the yellow metal will become […]

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South Asia must ramp up COVID-19 action to protect people, revive economies – World Bank


Amid the mounting human toll and global economic fallout triggered by the COVID-19 pandemic, South Asian governments need to ramp up action to curb the health emergency, protect their people, especially the poorest and most vulnerable, and set the stage now for fast economic recovery, the World Bank said in its twice-a-year-regional update. Released today, […]

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Another bad week for commodities as Coronavirus continues to batter economies


Fitch Ratings warned of a deep global recession in 2020, saying the speed with which the coronavirus pandemic is evolving has necessitated another round of huge cuts to its GDP forecasts. Last week, the International Monetary Fund Managing Director Kristalina Georgieva said that the global economy had entered recession, and this week the US Federal […]

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India’s growth to slow to 4% in FY2020, recover to 6.2% in FY2021 – ADB

The Asian Development Bank (ADB) projects India’s gross domestic product (GDP) will slow to 4.0% in fiscal year (FY) 2020 ending on 31 March 2021 due to a weak global environment and continued efforts to contain the novel coronavirus (COVID-19) outbreak in the country. The forecast assumes that the pandemic dissipates and full economic activity […]

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Fitch Ratings forecasts deep global recession in 2020 as coronavirus crisis escalates


Fitch Ratings said a deep global recession in 2020 was now baseline forecast according to its latest update of its Global Economic Outlook (GEO) forecasts. The speed with which the coronavirus pandemic is evolving has necessitated another round of huge cuts to its GDP forecasts, Fitch added. “We now expect world economic activity to decline […]

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Developing Asia growth to fall in 2020 on COVID-19 impact; China at 2.3%, India at 4%, says ADB


Regional economic growth in developing Asia will decline sharply in 2020 due to the effects of the novel coronavirus (COVID-19) pandemic, before recovering in 2021, according to the Asian Development Outlook (ADO) 2020, the Asian Development Bank’s (ADB) annual flagship economic publication. The report forecasts regional growth of 2.2% in 2020, a downward revision of 3.3 […]

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