"Earlier, it was said that India and Australia relation is defined by 3Cs- Commonwealth, Cricket and Curry. Then it was said that our relationship is defined by 'Democracy, Diaspora and Dosti. Some people also said that our relationship depends on Energy, Economy and Education. But I believe
Today the International Monetary Fund considers India a bright spot in the global economy and the World Bank believes that if anyone is challenging global headwinds, it is India, said Prime Minister Narendra Modi in Sydney, Australia, on Tuesday.
The UK economy is expected to avoid a recession and maintain positive growth in 2023, said International Monetary Fund (IMF), attributing it to demand recovery due to declining energy prices.
The consequences of a default for Pakistan's economy would be dire with hyperinflation, devaluation of the Pakistani rupee, a near-halt in imports, the closure of more factories, an increase in unemployment and political and social unrest.
Pakistan is already struggling to find stability in politics and now, the cash-strapped country is seeing a slow pace of inflows as only USD 8.1 billion receipts in 10 months of this fiscal year stood at just 35.5 per cent of the USD 22.8 billion full-year budget target
The effectiveness of the monetary policy has proven strong as the country reduced the inflation by 310 bps from the peak of 7.8 per cent in April 2022 to 4.7 per cent in April 2023, according to a statement from the industry body.
In the three-day deliberations of the Monetary Policy Committee of the Reserve Bank of India in early April, Governor Shaktikanta Das said the central bank has projected India's real GDP growth for 2023-24 at 6.5 per cent
She said central banks must remain resolute in keeping policies tight and recognize that insufficient monetary tightening now may necessitate even more painful actions down the road
The IMF official said the country's economic prospects hinge quite critically on the implementation of the economic reform program it had agreed in particular for five key areas.
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