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Amartya Sen to Gita Gopinath: Influential Indian-origin economists you should know

New Delhi, The staggering number of nearly 1.5 million women of reproductive age in <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> grappling with epilepsy highlights a critical need for tailored care and support, said experts on International Epilepsy Day on Monday. World Epilepsy Day is observed every year on February 12 to raise awareness and timely intervention for people suffering from the neurological disorder characterised by recurrent seizures. The disease affects approximately 50 million individuals worldwide, with a significant portion residing in India, where 10-12 million people are affected. Social stigma and reluctance to seek medical intervention often hinder women from receiving the care they need. Concerns related to reproductive health are a significant issue within the community of women with epilepsy. But experts stated that proper treatment can help women lead a normal and healthy life. "Despite the disease prevalence, there exists a considerable treatment gap in the management of epilepsy, particularly in low-resource settings like rural areas of India. With nearly 1.5 million affected women in India, special attention must be given to women of reproductive age with epilepsy, as pregnancy poses unique challenges. Issues such as teratogenic effects from antiepileptic drugs (AEDs) and increased infertility rates are significant concerns,'' said Dr. <keyword id="20554579" type="General" weightage="20" keywordseo="siby-gopinath" source="keywords">Siby Gopinath</keyword>, Epileptologist and Professor of Neurology at Amrita Hospital, Kochi. Neuroinfections, head trauma, and metabolic abnormalities significantly contribute to the burden of epilepsy in India, especially among women of reproductive age. Children also bear a substantial impact, with the highest incidence occurring in the first year of life and peaking between ages 1 to 12. Diagnosis in children poses challenges due to various seizure imitators, necessitating evaluation by trained paediatric neurologists. The experts said that women with epilepsy can plan pregnancies if they have been seizure-free for two years or more. Collaboration between neurologists, gynaecologists, and paediatricians is essential to manage medications during pregnancy and address any seizures promptly. "Women with epilepsy can lead a normal life with timely and proper treatment. It is crucial to address the unique challenges faced by women, including social stigma, to ensure they receive the necessary medical attention. Women with epilepsy should plan pregnancy so that anti-epileptic medications do not harm the baby as well as the mother," Dr. <keyword id="20554581" type="General" weightage="20" keywordseo="ak-sahani" source="keywords">AK Sahani</keyword>, Director and Chief of Neurology, Indian Spinal Injuries Centre (ISIC) New Delhi, told IANS. However, the doctor said that the ongoing medication dose can be optimally minimised to reduce the risk to the baby and prevent epilepsy in the mother. "Otherwise, drugs can be switched over to other safer drugs for pregnancy. Women with epilepsy can go safely for pregnancy under the supervision of a neurologist and they can have normal delivery," Dr <keyword id="20554580" type="General" weightage="20" keywordseo="sahani" source="keywords">Sahani</keyword> said. The causes of epilepsy vary, including birth defects, oxygen deprivation or hypoxic sequelae, genetics, brain infections, head injury, stroke, and brain tumours. "Diagnosis involves a comprehensive approach, including medical history, physical examination, and various investigations like blood investigations, bedsides EEG, video EEG, CT, MRI of the brain. These tests and investigations help in identifying potential causes and plan appropriate treatments. Treatment options include anti-seizure medications, with the caveat that finding the right medicine and dosage may take time," said Dr. Amlan Mandal - Senior Consultant - Neurology, Narayana Hospital RN Tagore Hospital. "<keyword id="19935980" type="General" weightage="20" keywordseo="surgery" source="keywords">Surgery</keyword> is also considered to address underlying causes more so in drug resistant epilepsy such as removing brain tumours. Deep Brain Stimulation (DBS) may be required in cases where the origin of seizures is unclear," the doctor said.

1.5 million women of reproductive age in India affected by epilepsy: Experts

Price pressures seem entrenched in many economies, including <keyword id="6359891" type="General" weightage="20" keywordseo="emerging-markets" source="Orion">emerging markets</keyword>, and upside <keyword id="22195" type="General" weightage="20" keywordseo="inflation" source="Orion">inflation</keyword> risks are sizeable, said <keyword id="154034" type="General" weightage="20" keywordseo="Gita-Gopinath" source="Orion">Gita Gopinath</keyword>, First Deputy Managing Director at <keyword id="6366068" type="General" weightage="20" keywordseo="international-monetary-fund" source="Orion">International Monetary Fund</keyword> (IMF), adding that central banks must keep their monetary policies tight. Gopinath was addressing the Annual Conference of the Central Bank of Brazil in Brasilia on Wednesday (local time). "...markets are probably too optimistic about what it will take to bring down inflation in EMs. Despite encouraging signs, I am worried that price pressures seem entrenched in many economies and that upside inflation risks are sizeable," she said at the conference. Hence, 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 - a lesson from the high inflation period of the 1970s that very much applies today. "Fiscal restraint can help support the fight against inflation by central banks. And financial tools--judiciously used--can improve trade-offs in the event of pronounced financial stress." She stressed on the fact that challenges are global, but are more heightened for emerging markets. Hence, it is critical for emerging market authorities to refine and strengthen their monetary, fiscal, and financial policy frameworks. However, there is a silver lining for the emerging markets as they have thus far proven resilient to their own policy tightening and tightening by advanced economies, where rates have risen at the sharpest pace in several decades. The US central bank's current policy rate, which is now in a target range of 5.0-5.25, is the highest in several years, and notably, it was near zero in the early part of 2022. Raising <keyword id="6371181" type="General" weightage="20" keywordseo="interest-rates" source="Orion">interest rates</keyword> typically helps in cooling demand in the economy and thus helps in managing inflation. Growth in emerging markets remained strong through last year and is expected to hold up reasonably well this year, while capital outflows have been limited, Gopinath added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/sbi-q4-2022-23-results-indias-largest-lender-posts-highest-ever-quarterly-net-profit-of-16695-crore/articleshow/100327874.cms">SBI Q4 results: India’s largest lender posts record quarterly net profit of ₹16,695 crore, up 83% YoY</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/ethnic-apparel-brand-manyavars-stock-under-pressure-as-promoter-to-offload-stake/slidelist/100324527.cms">Ethnic apparel brand Manyavar’s stock under pressure as promoter to offload stake</a>

Upside risks for inflation sizable, central banks must stay resolute: IMF's Gita Gopinath

<keyword id="22195" type="General" weightage="20" keywordseo="Inflation" source="Orion">Inflation</keyword> is likely to have reached its peak in 2022 but there is no end in sight for the <keyword id="533011" type="General" weightage="20" keywordseo="cost-of-living" source="Orion">cost of living</keyword> crisis, experts said on Tuesday. Speaking at a panel discussion during the World Economic Forum Annual Meeting 2023, they said those on low income and in the developing world will be grappling with high prices for years to come. <keyword id="154034" type="General" weightage="50" keywordseo="gita-gopinath" source="Orion">Gita Gopinath</keyword>, Deputy Managing Director of the <keyword id="6366068" type="General" weightage="80" keywordseo="international-monetary-fund" source="Orion">International Monetary Fund</keyword>, said, "we do believe that, in terms of headline inflation for the global economy, we think it peaked in 2022." Participants agreed that inflation is inextricably linked to the cost of living crisis and tackling inflation is key to easing the cost crunch in the long run. However, <keyword id="60820" type="General" weightage="80" keywordseo="gopinath" source="Orion">Gopinath</keyword> warned, "even if inflation comes down, prices are high because we don't have deflation, we have lower levels of inflation. The prices have gone up. How much of an impact that has had on households and on consumption varies across countries." German Finance Minister <keyword id="1084060" type="General" weightage="50" keywordseo="christian-lindner" source="Orion">Christian Lindner</keyword> highlighted his country's 200 billion euro "economic shield" mobilised to protect consumers from the cost of living crisis but said that he expects the country might not need the full amount. "The price levels are lower than we expected. We have fewer hardship cases, and so my expectation is that we won't need the whole protective shield of two hundred billion, which is good news," he said. According to him, on top of protecting the society's most vulnerable, the sections in the middle also need shielding from the cost of living crisis. "From the German, European, perspective, we are doing a lot for the most vulnerable, paying welfare subsidies. But we have to ask: what can we do to stabilise the qualified people who are working hard, playing by the rules?". "A renaissance of competitiveness, so that our companies are able to pay their wages... we have to reform the electricity market, we have to reduce the burdens, for example, in taxation, we have to improve the framework conditions for our SMEs (Small and Medium-sized Enterprises) in Germany and all of these supply-side measures," the minister said. The panel also agreed that the knee-jerk reaction of the "re-shoring" industry in response to the supply chain shock of the COVID pandemic must be averted if inflation and the cost of living crisis are to be tackled effectively. Giving the perspective from business, Unilever CEO Alan Jope said the "fragmentation of supply chains is frankly another inflationary pressure in this economy" and warned more generally of the dangers of inequality. "The cost-of-living crisis disproportionately impacts those at the bottom of the pyramid. There is so much talk about tightening rates, and about stimulus spending, I think the only way to break the long-term trend of rising inequality is productivity," he added. He explained that Unilever has increased the wages it pays to its own workers, imploring others to do the same. Laura D'Andrea Tyson, Professor of Economics at the University of California, Berkeley, also highlighted the fundamental issue of wages. "I almost want to say, without calling it a cost of living crisis, let's call it what existed before, and that is a living wage crisis for many people." She also suggested tackling long-standing issues around planning and approvals for housing -- in order to build more stock and bring down prices -- and addressing the climate crisis and utilising technology would aid the global response to inflation. In closing, IMF's Gopinath cautioned that any meaningful moves to bring down inflation will likely mean rising unemployment. "We are at record low unemployment rates in the US and the euro area. Everything we know about our monetary policy when you tighten interest rates is for the unemployment rate to go up." "That is how you bring down inflation," she added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/sebi-slaps-final-hearing-notices-to-9-missing-entities/articleshow/97171426.cms">SEBI slaps final hearing notices to 9 'missing' entities</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/jsw-steel-q3-net-profit-falls-over-85-to-474-crore/articleshow/97174189.cms">JSW Steel Q3 net profit falls over 85 % to ₹474 crore</a>

Inflation may be past peak but cost of living crisis is far from over, say experts

Former <keyword id="6357150" type="General" weightage="80" keywordseo="tcs" source="Orion">TCS</keyword> CEO Rajesh <keyword id="221979" type="General" weightage="100" keywordseo="gopinathan" source="Orion">Gopinathan</keyword>'s overall remuneration jumped 13.17 per cent to Rs 29.16 crore in FY23, his last year as the chief executive of the largest IT services player. In the annual report for the fiscal year 2022-23, TCS said Gopinathan earned over Rs 25 crore as commission, a salary of Rs 1.73 crore and Rs 2.43 crore in other benefits. Gopinathan, who helmed the company for six years till May 31, had earned a salary Rs 25.76 crore FY22. Despite heading the largest company, Gopinathan's pay cheque is lower compared to peers and also lower than what his predecessor <keyword id="97017" type="General" weightage="50" keywordseo="n-chandrasekaran" source="Orion">N Chandrasekaran</keyword> drew in FY17 before being appointed as the Tata Sons Chairman. On his elevation to the CEO's seat from being a chief financial officer, Gopinathan drew Rs 6.22 crore in FY17 which doubled to Rs 12.5 crore in FY18 and had been steadily rising since but for a blip in FY20. Gopinathan has committed to help TCS in the leadership transition by being available till September, and is yet to reveal his future plans. K <keyword id="16817833" type="General" weightage="50" keywordseo="krithivasan" source="Orion">Krithivasan</keyword>, Gopinathan's successor, will be getting a basic salary of Rs 10 lakh per month which can go up to Rs 16 lakh, commission as decided by the board and other benefits like rent-free residential accommodation. The company's chief operating officer N G Subramaniam earned a total remuneration of Rs 23.60 crore for FY23, up from about Rs 20 crore in FY22. The annual report said the increase in managerial remuneration is at 13.58 per cent as against the median hike of 5.11 per cent across its 6.14 lakh permanent employees. Chandrasekaran thanked Gopinathan and also wished the best for Krithivasan in his note, and said TCS is significantly investing in building AI capabilities which include products and platforms that are AI-powered. "We will also invest in research areas important for the future, in collaboration with our global academic partners and start-up ecosystem," he added. Krithivasan, who has been with TCS for several decades, said he has interacted with customers, leadership teams and employees as part of the leadership transition and added that an order book of USD 34.1 billion, coupled with strong pipeline of replenishment, gives it a good visibility for the medium-term. Chandrasekaran also said that companies need to focus on building talent for the future as the energy, supply chain and AI (artificial intelligence) transitions are going to require companies to reskill or upskill existing talent base, hire and integrate new talent and invest in research. In his note to shareholders, Gopinathan spoke about overcoming the challenges on the HR front, and said TCS' best years are ahead. "We broke out of the vicious cycle of hiring and counter-hiring within the industry by investing in onboarding an unprecedented number of fresh engineers," he said, pointing out that it hired 1.10 lakh fresh engineers in FY22 and 44,000 in FY23. Its global head for human resources, Milind Lakkad, said half of its over 6 lakh workforce has been hired since March 2020 and underscored the need for staff to return to working from offices. "New employees get acculturated through physical interactions with senior colleagues and leaders, by observing and following their behaviors and ways of thinking. Without those interactions, employee engagement as well as acculturation got badly impacted," Lakkad said. Amid the talk of newer technologies like generative AI, Lakkad said the "linearity" between revenue and headcount is not going to go away any time soon. "With ever-increasing dependence on technology for competitive differentiation, we expect enterprise spending to keep growing, for which we will have to keep hiring new talent," he said. The company scrip was trading 0.89 per cent up at Rs 3263 a piece on the BSE at 1348 hrs as against gains of 0.27 per cent on the benchmark. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/tcs-looking-to-grab-opportunities-arising-due-to-global-shifts-in-energy-and-supply-chain-says-chandrasekaran/articleshow/100815501.cms">TCS looking to grab opportunities arising due to global shifts in energy and supply chain, says Chandrasekaran</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/maruti-suzuki-jimny-vs-honda-elevate-comparison-of-features-and-style/slidelist/100815083.cms">Maruti Suzuki Jimny vs Honda Elevate – Which SUV suits your need</a>

Former TCS CEO Rajesh Gopinath got a 13% pay hike last financial year

<keyword id="6355408" type="General" weightage="80" keywordseo="imf" source="Orion">IMF</keyword>'s Chief Economist <keyword id="154034" type="General" weightage="20" keywordseo="Gita-Gopinath" source="Orion">Gita Gopinath</keyword> will leave her job in January next year and return to the prestigious <keyword id="53675" type="General" weightage="80" keywordseo="harvard" source="Orion">Harvard</keyword> University, according to the global financial institution. The 49-year-old prominent Indian-American economist had joined the International Monetary Fund (IMF) as the Chief Economist in January 2019. She was the John Zwaanstra Professor of International Studies and Economics at Harvard University when she joined the Washington-based global lender. IMF Managing Director <keyword id="2200950" type="General" weightage="20" keywordseo="kristalina-georgieva" source="Orion">Kristalina Georgieva</keyword> on Tuesday announced that the search for Gopinath's successor would begin shortly. "Gita's contribution to the Fund and our membership has been truly remarkable - quite simply, her impact on the IMF's work has been tremendous," Georgieva said. Mysuru-born Gopinath is the first-ever woman Chief Economist of the IMF. Harvard University had extended her leave of absence on an exceptional basis by one year, which has allowed her to serve as Chief Economist at the IMF for three years. "She made history as the first female Chief Economist of the Fund and we benefited immensely from her sharp intellect and deep knowledge of international finance and macroeconomics as we navigate through the worst economic crisis since the Great Depression. "Gita also won the respect and admiration of colleagues in the Research Department across the Fund, and throughout the membership for leading analytically rigorous work and policy-relevant projects with high impact and influence," Georgieva said. The IMF said that as part of her many significant initiatives, Gopinath co-authored the "Pandemic Paper" on how to end the COVID-19 pandemic that set globally endorsed targets for vaccinating the world. This work led to the creation of the Multilateral Task Force made up of the leadership of the IMF, the World Bank, the World Trade Organisation and the World Health Organisation to help end the pandemic and the establishment of a working group with vaccine manufacturers to identify trade barriers, supply bottlenecks, and accelerate delivery of vaccines to low- and lower-middle income countries, the IMF said in a statement. Among her other key accomplishments, Gopinath helped set up a Climate Change team inside the IMF to analyse, among other things, optimal climate mitigation policies. "I would like to express my personal appreciation to Gita for her impressive contributions, her always wise counsel, her devotion for the mission of the Research Department and the Fund more broadly, as well as her widely recognised inclusive and accessible approach to colleagues and staff," Georgieva added. Born in December 1971 to Malayalee parents, Gopinath had her schooling in Kolkata and graduated from the Lady Shri Ram College of Commerce in Delhi. She did Masters from the Delhi School of Economics as well as from the University of Washington. Gopinath did her Ph.D in economics from Princeton University in 2001 and she was guided by <keyword id="147334" type="General" weightage="20" keywordseo="kenneth-rogoff" source="Orion">Kenneth Rogoff</keyword>, Ben Bernanke and Pierre-Olivier Gourinchas. She joined the University of Chicago in 2001 as an Assistant Professor before moving to Harvard in 2005. She became a tenured Professor there in 2010. She is the third woman in the history of Harvard to be a tenured professor at its esteemed economics department and the first Indian since the Nobel laureate Amartya Sen to hold that position. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/ril-jubilant-foodworks-bajaj-auto-and-other-stocks-to-watch-out-for-on-october-20/slidelist/87148904.cms">RIL, Jubilant Foodworks, Bajaj Auto and other stocks to watch out for on October 20</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/researchers-develop-ai-based-algorithm-that-can-detect-unseen-signs-of-heart-failure/articleshow/87136581.cms">Researchers develop AI-based algorithm that can detect unseen signs of heart failure</a>

IMF chief economist Gita Gopinath to resign and return to Harvard University

<ul class="summary-list"><li>Uneven vaccine rollouts are widening the gap between the recovery's winners and losers, the <keyword id="6355408" type="DEFINITION" weightage="60" keywordseo="imf">IMF</keyword> said.</li><li>The IMF lifted its growth forecast for advanced economies and lowered its outlook for developing nations.</li><li>The organization warned of a K-shaped rebound just months into the pandemic as COVID slammed major economies.</li></ul>The gap is widening between the winners and losers of the global COVID-19 recovery, thanks to uneven vaccine access, the <keyword id="6366068" type="ORGANIZATION" weightage="60" keywordseo="international-monetary-fund">International Monetary Fund</keyword> said Tuesday.The IMF released its outlook for global growth in a new report, maintaining the world <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword> will grow by 6% this year. The devil, however, is in the details. Growth for advanced economies was revised 0.5 points higher. Conversely, the IMF lowered its estimate for growth in emerging <keyword id="31671" type="CITY" weightage="60" keywordseo="markets">markets</keyword> and developing economies by 0.5 points.The two groups will diverge even further through next year, according to the report. While the IMF lifted its 2022 growth estimate to 4.9% from 4.4%, the bulk of the upgrade comes from stronger performances by advanced economies.<h2>It's all about the vaccines</h2>The unevenness comes down to countries' vaccination efforts, <keyword id="154034" type="PERSON" weightage="60" keywordseo="Gita-Gopinath">Gita Gopinath</keyword>, economic counselor at the IMF, said in a <a href="https://blogs.imf.org/2021/07/27/drawing-further-apart-widening-gaps-in-the-global-recovery/">blog post</a>.Nearly 40% of the population in advanced economies has been fully vaccinated against COVID-19. That compares to just 11% in emerging markets, and an even smaller share in developing nations. As the Delta variant spreads around the world, speeding up vaccine rollouts in lagging countries is key to closing the growth gap, Gopinath said.The disparity echoes warnings given by the IMF just months into the pandemic's onset. The organization said in April 2020 that the pandemic would power the largest downturn since the Great Depression, and that "<a href="https://www.businessinsider.com/imf-economic-outlook-great-lockdown-worst-recession-century-coronavirus-pandemic-2020-4">no country is safe</a>" until a vaccine was developed. Projections included in the early 2020 report saw advanced economies contracting 6.1% in 2020, reflecting outsized fallout in the US and EU.However, emerging markets and developing nations only contract 1% as China swiftly rebounded and other countries faced relatively small outbreaks. The group also saw faster growth through 2021 compared to their larger peers, according to the IMF.Fifteen months later and the script has almost completely flipped. Advanced economies' swift vaccine distribution has led to the easing of restrictions and a rebound in consumer spending. Vaccines' effectiveness against the Delta variant has also helped nations avoid new rounds of crippling lockdowns.Emerging markets and developing countries are faring far worse. Case counts have surged in recent weeks as the Delta variant proliferates. Sub-Saharan Africa, Latin America, and Eastern Asia all risk stagnant recoveries should cases rise further, the IMF said.Gopinath reiterated the need for additional funding to help struggling countries catch up with advanced economies. The IMF aims to spend $50 billion on vaccinating at least 40% of every country's population by the end of 2021 and 60% by mid-2022. Sharing surplus doses and removing trade restrictions to speed up shipments can also help close the vaccination gap, she said."Concerted, well-directed policy actions at the multilateral and national levels can make the difference between a future where all economies experience durable recoveries or one where divergences intensify, the poor get poorer, and social unrest and geopolitical tensions grow," Gopinath added.

The IMF warned of an uneven global recovery. It just got worse.

‘Right person at the right time’ — Here’s a sneak-peek at economist Gita Gopinath’s journey so far

<ul class="summary-list"><li>The <keyword id="6355408" type="DEFINITION" weightage="60" keywordseo="imf">IMF</keyword> lifted its <keyword id="572312" type="ORGANIZATION" weightage="60" keywordseo="global-GDP">global GDP</keyword> estimate for 2021 to 6% from 5.5%, citing vaccination and reopening.</li><li>The world <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword> will then grow 4.4% in 2022 and 3.3% afterward, according to the outlook report.</li><li>Large economies will play a critical role in helping developing countries fully recover.</li></ul>The new stimulus packages and improved vaccination rates seen over the past several months should be enough to drive the strongest year of economic growth since 1976, economists at the <keyword id="6366068" type="ORGANIZATION" weightage="60" keywordseo="international-monetary-fund">International Monetary Fund</keyword> said Tuesday.The IMF lifted its estimate for global gross domestic product growth this year to 6% from 5.5%, according to its latest economic outlook report. The improvement was largely tied to expectations for economic reopening and mass vaccination.Last year's decline was revised to a 3.3% drop from a 4.4% contraction. The growth estimate for 2022 was boosted to 4.4% from 4.2%. The world economy will then grow roughly 3.3% in the medium term as potential supply chain disruptions and slowed labor-force growth cut into the recovery.Advanced economies are expected to lead the recovery due to new stimulus support approved in recent weeks. President Joe Biden in March signed off on a $1.9 trillion stimulus measure that's largely expected to <a href="https://www.businessinsider.com/economic-outlook-us-gdp-stimulus-boost-infrastructure-spending-unemployment-bofa-2021-3">boost US economic growth</a> into the new year. New fiscal relief in other large economies should prop up growth in the near term, but governments shouldn't ignore the smaller nations likely to be left behind, the IMF said."Thanks to unprecedented policy response, the COVID-19 recession is likely to leave smaller scars than the 2008 global financial crisis," the team led by <keyword id="154034" type="PERSON" weightage="60" keywordseo="Gita-Gopinath">Gita Gopinath</keyword> said in the report. "However, emerging market economies and low-income developing countries have been hit harder and are expected to suffer more significant medium-term losses."And despite encouraging progress toward widespread vaccination, uncertainty still plagues the global rebound. New strains of COVID-19 have kept daily case counts elevated around the world, particularly in Europe where some countries are reentering lockdowns. Potential economic scarring could also hold economies back from returning to pre-pandemic strength. Such unknowns will play a major role in how households unleash trillions of dollars in savings and fuel robust growth, the IMF said, adding risks are currently balanced and skew to the upside later on.The unevenness of the global recovery remains a significant uncertainty, the organization added. Losses were particularly severe for countries that rely on tourism and commodity exports, as well as those with less policy firepower with which to pad against the recession. Some countries also entered the downturn with far worse fiscal situations, leaving them with a diminished ability to counter the virus' spread.The IMF estimates that 95 million more people fell below the level that designates extreme poverty in 2020 than was forecast before the pandemic. School closures linked to the health crisis further cut into low-income groups' ability to climb the socioeconomic ladder. It's critical that the world's leading economies don't lose sight of those struggling to recover, and instead provide clear communication from central banks to allow for a broad and equitable global rebound, the organization said."Strong international cooperation is vital for achieving these objectives and ensuring that emerging market economies and low-income developing countries continue to narrow the gap between their living standards and those of high-income countries," the economists added.

The IMF boosts its global growth forecast to 6% as vaccines pave the way for a full recovery

<ul><li>The International Monetary Fund's chief economist, <keyword id="154034" type="PERSON" weightage="60" keywordseo="Gita-Gopinath">Gita Gopinath</keyword>, projects the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> <keyword id="34412" type="ORGANIZATION" weightage="60" keywordseo="economy">economy</keyword> will see what looks like a V-shaped recovery only to be quickly flattened out.</li><li>The economy could see "a spike initially, and then going forward, I think we could end up with something much more flat," Gopinath told lawmakers in Britain's parliament on Wednesday.</li><li>Her comments on the UK economy are in sharp contrast to projections by two policymakers at the Bank of England.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul><keyword id="6355408" type="DEFINITION" weightage="60" keywordseo="imf">IMF</keyword>'s chief economist Gita Gopinath believes Britain will see a prolonged economic recovery, as opposed to Bank of England policymakers, who forecast a so-called V-shaped recovery earlier this week.The UK economy could see something like the beginnings of a V-shaped recovery but will quickly flatten out, Gopinath told members of parliament on the Treasury Select Committee on Wednesday. "My fear is that the beginning of the recovery" will show "a spike initially, and then going forward, I think we could end up with something much more flat," the economist said."It's a little too early at this point to project what the rest of that path would look like." Gopinath told lawmakers that the government's first priority should be to gradually scale back support programmes meant for those affected by the <keyword id="8763838" type="UNKNOWN" weightage="60" keywordseo="covid-19">COVID-19</keyword> crisis, including job retention schemes.As people begin to get back to work, the government should then focus on reallocating labour market resources or moving them into jobs where the demand is strong, she said. Read More: <a href="https://www.businessinsider.com/how-to-buy-tech-etfs-ark-invest-cathie-wood-interview-2020-6">Cathie Wood's firm built 3 of the world's best ETFs, which all doubled in value within 3 years. She told us her 3-part process for spotting underappreciated technologies before they explode.</a>The OECD predicts a 9.1% decline for the EU and 11.5% decline for the UK this year. Gopinath said that COVID-19 has an even more significant impact in low-income countries."The UK having negative growth of 10% is very different to a low-income country having a negative growth rate of 10%," she told lawmakers.The projections for poverty levels in those countries are "really sad."Gopinath's comments poured cold water on the Bank of England's projections for the economy.<div type="image" title="Andy Haldane" height="887" width="1774" msid="76750588" hostid="261"></div>The central bank's chief economist Andy Haldane <a href="https://www.bankofengland.co.uk/-/media/boe/files/speech/2020/the-second-quarter-speech-by-andy-haldane.pdf?la=en&amp;hash=3B82F9C046B7BCDA160AE8BE558B1EB58CFF21EB21EB">earlier this week</a> said that the UK and global economies are recovering faster than expected.He said that "it is early days, but my reading of the evidence is so far, so V." Jonathan Haskel, a member of the bank's Monetary Policy Committee, reflected a similar sentiment on Wednesday saying that the economy shows a "glimmer of hope," and activity has rebounded faster than anticipated.Read More: <a href="https://www.businessinsider.com/stock-picks-to-buy-cheap-companies-earnings-growth-upside-goldman-2020-6">GOLDMAN SACHS: Buy these 15 super-cheap stocks now before their prices catch up to their strong growth and earnings prospects</a>

The IMF's chief economist poured cold water on the Bank of England's claim the UK is heading for a V-shaped recovery

The hospitality industry has taken up various measures to overcome the impact due to lockdown to contain spread of <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword> which include paycuts, use of short staff besides engaging in partial operation, officials said.Industry representatives said while some hotels have chosen not to entertain new guests, some have stepped up hygiene and sanitisation measures which include new form of greeting instead of the the earlier 'handshake'. According to the Residency Group of <keyword id="9145897" type="PERSON" weightage="20" keywordseo="hotels-coo-gopinath">Hotels COO Gopinath</keyword>, they have decided to use the form of keeping the right hand diagonally across the chest on top of the heart as a mark of greeting instead of the regular 'handshake'. "This kind of greeting we have started to adopt while welcoming guests. It may be new concept but through this we are avoiding handshake," he told P T I. Enhancing their approach in containing the spread of virus in the premises, he said they have also planned to appoint a 'hygiene butler' who would be one-point contact to customers asking for more details on sanitisation measures taken up by the group. "There will be one person in each of our property to assist the guests," he said. He replied in the affirmative when asked if they were mulling pay cuts for employees and said they were considering use of less manpower. "We are using only two floors and air-conditioning is provided for the respective floors instead of the earlier 10 floors. We have also asked some employees to go on leave," he said. Another hospitality service provider and largest lodging owners and operators Ascott Ltd which operates two properties -Somerset Greenways Chennai and Citadines OMR- is also focused on creating more awareness on hygiene measures inview of the pandemic. Ascott Ltd, area general manager <keyword id="9145896" type="PERSON" weightage="20" keywordseo="supriya-malhotra">Supriya Malhotra</keyword> said they were serving over about 200 guests staying at the two properties in Chennai. "Throughout this challenging period, our resilient team has been working hard round-the-clock to ensure our properties are safe (from coronavirus)...," she said. Highlighting some of the initiatives, she said the two properties have introduced the concept of letting guests opt for self-cooking besides appointing a guest services person to take care of customers groceries shopping so that they stay indoors. Based on the grocery list, a staff would purchase the items ensuring only one person steps out of property to buy essentials instead of a guest having to step out, she said. Another initiative was provision of mobile ATM parked at their properties so that the guests can make financial transactions within the campus itself. Guests have to sign a declaration detailing their travel history and health status while they have to undergo screening for fever, cold or cough before entering the properties, she said. The properties have also encouraged customers not to take part in groups in public areas while places like lift buttons, doorknobs, reception desk were sanitized on an hourly basis, she said. The Somerset Greenways Chennai is a 187-unit property located in city while 269 unit Citadine is at the famous Old Mahabalipuram Road. <keyword id="166964" type="COMPANY" weightage="20" keywordseo="ITC-Hotels">ITC Hotels</keyword> which operates several properties across the country said the group was monitoring the outbreak closely and was adhering to protocols from experts besides collecting relevant information from government and medical authorities. The company in a notification said the hotel has suspended new reservations at some hotels and also curtailed some services at hotels. Hotel personnel were also trained in processes of hygiene protocol and also undergo training on health and safety measures. "A dedicated central cross-functional team has been formed which would be available on a 24x7 basis to support group hotels and to coordinate with relevant authorities", it said. Noting that many of essential operations were at minimum staffing level, the group said attention being laid on high-touch items, surfaces and fixtures with increase infrequency of cleaning measures. <div type="Article" hostid="261" msid="75470710" title="Reliance Industries cuts employee salaries by up to 50%, freezes bonuses ⁠— Chairman Mukesh Ambani will forgo full compensation" mstype="2" mssubtype="0"></div>

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