IMF revises down 2020 Asian economy forecast to 2.2-pct contraction
Wednesday, 21 October 2020 WASHINGTON, Oct. 21 (Xinhua) -- The International Monetary Fund (IMF) on Wednesday revised down its 2020 forecast for the Asian economy to a contraction of 2.2 percent. The IMF's latest Regional Economic Outlook shows that a...
Department of Economic Affairs Secretary Tarun Bajaj said that India's economy is moving much faster than it was anticipated by economists. Bajaj further mentioned the International Monetary Fund report had predicted that India's growth should be 8.8% in next financial year. Tarun Bajaj said, "Despite COVID-19 situation, our growth story, which we feel is intact, is also accepted by others, who are ready to invest in India. We continue to see an uptick in economy for past few months since opening up of economy post lockdown. We are expecting a further improvement in November. The economy is moving much faster than anticipated by economists. This is mentioned in IMF report which says India's growth should be 8.8% in next financial year, which is highest for major economies."
Equity benchmark indices tumbled over half per cent during early hours on October 14 tracking Asian peers as halted COVID-19 vaccine trials soured investor risk appetite. Besides, the International Monetary Fund (IMF) revised its projection of contraction in India's GDP for current fiscal year to 10.3 per cent from 4.5 per cent earlier, citing a rise in COVID-19 cases. At 10:15 am, the BSE SandP Sensex was down by 232 points or 0.6 per cent at 40,393 while the Nifty 50 lost by 88 points or 0.73 per cent at 11,847. All sectoral indices at the National Stock Exchange were in the red zone with Nifty private bank down by 1 per cent, PSU bank by 0.7 per cent, IT by 1.1 per cent and metal by 0.9 per cent. Among stocks, Wipro slipped by 6.5 per cent to Rs 351.45 per share despite improving its performance in the second quarter of FY21 on several parameters.
Stephen Ellison, the 61-year-old British consul-general in Chongqing, jumped into the water at a scenic spot in the municipality on Saturday after spotting the struggling female student, who had fallen in by accident, China's official Xinhua news agency reported.
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The African Development Bank (AfDB) has conveyed the continent’s immense investment and partnership opportunities to Asian business leaders, particularly as... Eurasia Review Also reported by •SeattlePI.com