Global slowdown effects more pronounced in India, says IMF

Washington, October 9

The global economy is witnessing “synchronised slowdown”, which will result in slower growth for 90 per cent of the world this year, and the effect is even “more pronounced” in some of the largest emerging market economies like India, new IMF chief Kristalina Georgieva has warned.

The Managing Director of International Monetary Fund (IMF) pointed out that the widespread deceleration means that growth this year will fall to its lowest rate since the beginning of the decade.

She said the World Economic Outlook to be released next week will show downward revisions for 2019 and 2020.

“In 2019, we expect slower growth in nearly 90 per cent of the world. The global economy is now in a synchronised slowdown,” Georgieva said on Tuesday in her curtain raiser speech for the IMF and World Bank’s annual meeting here next week.

Despite deceleration, 40 emerging market are forecast to have real GDP growth rates above 5 per cent, the IMF chief said. — PTI