Global economy seen growing at 5.6% in 2021 as many developing countries struggle with pandemic’s lasting effects

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The global economy is expected to expand 5.6% in 2021, the fastest post-recession pace in 80 years, largely on strong rebounds from a few major economies, but many emerging market and developing economies are still struggling with the COVID-19 pandemic and its aftermath, the World Bank said in its latest Global Economic Prospects report Despite […]

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India’s GDP contracts by 7.3% for 2020-21 financial year; grows by 1.6% in Jan-Mar quarter

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India’s Gross Domestic Product (GDP) for the fourth quarter (January to March) grew by 1.6%, but contracted by 7.3% for the full 2020-21 financial year, government data showed on Monday, after being severely hit by lockdowns triggered by the Covid-19 pandemic that ground all economic activity. The annual contraction was the worst in more than […]

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IMF MD Christine Georgieva says recovery is underway after worst global recession since World War II

A day after the International Monetary Fund (IMF) forecast a global growth of six per cent for this year, IMF Managing Director Christine Georgieva has said that after the worst global recession since the Second World War, the recovery is underway. In its latest World Economic Outlook, IMF has projected a stronger recovery for the […]

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India’s central bank estimates GDP to contract by 8.6% in Q2; enters recession for first time

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India’s GDP is likely to contract by 8.6 per cent for the July-September period, which means India will enter into a recession for the first time in history in the first half of this fiscal with two successive quarters of negative growth due to the COVID-19 pandemic, as per an RBI official reported by the Press Trust […]

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

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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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The Great Lockdown to trigger worst recession since the Great Depression, says IMF

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The global economy is set to shrink by 3 percent this year, the worst recession since the Great Depression back in 1930s, thanks to the spread of the deadly coronavirus that has killed more than 120,000 people across the world and triggered a global economic lockdown, the International Monetary Fund (IMF) said. “Under the assumption […]

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Another bad week for commodities as Coronavirus continues to batter economies

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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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Lower oil, commodities prices a concern, but no global recession for Moody’s too

  The protracted decline in oil prices and weaker growth in China have prompted a reappraisal of global growth prospects, but while the current environment will curb growth in specific regions it does not presage a global recession, Moody’s Investors Service said in a report. Moody’s has taken negative rating actions in the past weeks […]

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