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India would now be joining the US, Japan, Germany and France at the <keyword id="6366068" type="ORGANIZATION" weightage="100" keywordseo="INTERNATIONAL-MONETARY-FUND">International Monetary Fund</keyword>'s top table. The world’s largest democracy would also be joined with three other emerging markets; this has happened after the multilateral institution said yes to the much-delayed quota reforms on Wednesday. 
 These changes, which were pending since 2010, has made India stand among the top largest 10 members of the <keyword id="6355408" type="ORGANIZATION" weightage="100" keywordseo="IMF">IMF</keyword>, along with Italy and the UK, as well as fellow newcomers, Brazil, China and Russia. 
 
In the last IMF-World Bank meeting which was held at Lima, Peru, in October last year, India’s finance minister Arun Jaitley had strongly asked for early implementation of these changes. 
 
The reforms recommended that in order for developing countries to be better represented, they needed a 6% shift in quotas in their favour. These changes would raise India's vote share to 2.69% from the current 2.34%. 
 
"These reforms will ensure that the Fund is able to bet-ter meand represent the needs of its members in a rapidly changing global environment," IMF managing director Christine Lagarde said in his official statement. "Today marks a crucial step forward and it is not the end of change as our efforts to strengthen the IMF's governance will continue." 
 
As per the IMF, the changes aim to make better the governance and reflect the increasing role that dynamic emerging markets and developing countries have in the world economy. 
 
"The entry into force of these reforms will reinforce the credibility, effectiveness, and legitimacy of the IMF," said the release. "For the first time, four emerging market countries (Brazil, China, India, Russia) will be among the 10 largest members of the IMF." 
 
<a href="http://fm.cnbc.com/applications/cnbc.com/resources/img/editorial/2014/10/06/102064081-RTXYQYK.1910x1000.jpg">Image source</a>

India gets more voting rights as IMF reforms quota

<div style="float: right; margin: 15px 0 20px 20px;"><table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td colspan="2"><a href="https://static-ssl.businessinsider.com/category/chart-of-the-day"> </a></td></tr><tr><td><a href="http://www.businessinsider.com/category/chart-of-the-day"></a></td><td><a href="http://www.businessinsider.com/stocks-zig-zag-when-bubbles-peak-2015-1"></a></td></tr></tbody></table></div>This is odd.
In the IMF's latest World Economic Outlook for 2015, the US is the only one of the G7 and BRIC economies that had its IMF growth outlook revised up for this year.
Torsten Sløk at Deutsche Bank passed along the following chart on Tuesday morning, and added:
In the just-released IMF World Economic Outlook the 2015 forecast for the US has been raised by 0.5 to 3.6%. I used to work at the IMF WEO division and I don't recall having seen before a forecast where the US was revised up significantly and everyone else was revised down, see chart below. I think the market and the IMF are underestimating the positive impact the solid recovery in the US will have on the rest of the world, in particular Europe, where lower oil prices and the depreciation of the euro could add several percentage points to GDP. 
<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div>

Here's Something You Don't See Every Day

<div class="KonaFilter image-container display-table"><div><div class="image on-image">REUTERS/China DailyShipping containers are seen piled up at a port in Qingdao, Shandong province December 10, 2013. </div></div></div><ul><li>The global economy could lose $430 billion - or 0.5% of GDP - by 2020 if Trump's tariffs against China continue to escalate, the International Monetary Fund warned.</li><li>The US could be the "focus of global retaliation" and would be especially vulnerable if Trump sanctioned a fresh $200 billion in tariffs.</li><li>The comments were in the IMF's World Economic Outlook report on Monday, which showed continuing strong global growth but greater risks.</li></ul> The global economy could lose $430 billion by 2020 if the current Sino-US trade war escalates and President Donald Trump's new tariff threats are carried out, the International Monetary Fund has warned.The Washington-based IMF said on Monday that the US could be the "focus of global retaliation" to Trump's trade war and said the country is "especially vulnerable" to repercussions from an increase in tariffs."Our modeling suggests that if current trade policy threats are realized and business confidence falls as a result, global output could be about 0.5 per cent below current projections by 2020," the IMF said."As the focus of global retaliation, the United States finds a relatively high share of its exports taxed in global markets in such a broader trade conflict, and it is therefore especially vulnerable."The comments were part of the IMF's latest <a href="http://www.imf.org/en/Publications/WEO/Issues/2018/07/02/world-economic-outlook-update-july-2018">World Economic Outlook report</a>, which was released on Monday. It urged countries not to look "inward" and to end the trade tensions which continue to dampen growth.Trade tensions have remained high as President Trump has renewed threats of 10% tariffs on $200 billion of Chinese exports, while <a href="http://uk.businessinsider.com/donald-tusk-calls-on-trump-to-stop-conflict-and-chaos-of-trade-war-2018-7">calling Europe </a>one of his "greatest foes" on Sunday. At the EU-China summit on Monday, EU Council President <a href="http://uk.businessinsider.com/donald-tusk-calls-on-trump-to-stop-conflict-and-chaos-of-trade-war-2018-7">Donald Tusk called</a> for the US and China to "prevent global Chaos" and leave the global order intact.Despite its trade war warning, the IMF said in Monday's report that global growth remains strong.But the IMF said larger risks have emerged that have "clouded" the outlook for the global economy. The IMF's global growth forecast of 3.9% remained unchanged for this year and next. Beyond that, growth in the UK, Europe, and Japan is predicted to slow, while Asian and US growth is forecast to remain relatively strong.Maurice Obstfeld, director of research at the IMF, also <a href="https://blogs.imf.org/2018/07/16/the-global-expansion-still-strong-but-less-even-more-fragile-under-threat/">warned</a> about the cost of economic inequality, adding that many of the risks the world faces today have their roots in non-inclusive economic growth and political "malaise." <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/nobel-prize-winner-in-economics-shares-his-thoughts-on-smart-contracts-2018-5">The man that won the Nobel Prize in economics for contract theory shares his thoughts on smart contracts</a></h3> <div> </div> </div>

IMF: The US trade war could cost the global economy $430 billion

<div class="KonaFilter image-container display-table float_right"><div><div class="image"></div></div></div>The International Monetary Fund (IMF) has released its updated forecasts for the global economy and it makes for grim reading. Among the growth downgrades, however, is a point that most commentators are overlooking: The real dangers of the oil price shock for Western economies.
Despite oil prices having tumbled by over 50% since June last year, providing a welcome boost to consumers through lower prices of fuel and goods, the IMF has downgraded its forecast for global growth by 0.3% this year and another 0.3% in 2016. The downgrades reflect the ongoing weakness of the eurozone and Japan, as well as slowing growth in emerging markets (especially among oil exporters).
However, the report also contains a warning for advanced economies such as the US and the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> that are seeing relatively robust economic expansion. Lower oil prices are helping the drag down inflation and could mean that even faster growth economies experience a period of falling prices. If this is allowed to continue unchecked then, the IMF warns, it risks becoming a self-feeding deflationary spiral.
With central bank interest rates already around zero, the ability of monetary policy to offset these price falls and help bring inflation back towards the 2% target is limited (at least according to mainstream economic theory).
As <a href="http://www.imf.org/external/pubs/ft/survey/so/2015/new012015a.htm">the international funding body puts it</a> (emphasis added):
<div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="IMF" title_caption="IMF World Economic Outlook Update." class="zoomin" href="https://static-ssl.businessinsider.com/image/54be4b78dd0895ab068b4577-960/imf_survey___global_growth_revised_down__despite_cheaper_oil__faster_u_s__growth 2.png"></a><a href="http://www.imf.org/external/pubs/ft/survey/so/2015/new012015a.htm">IMF</a>IMF World Economic Outlook Update.</div></div></div>
That is, the IMF is encouraging central banks to undertake precautionary easing and, where that is unavailable due to existing low interest rates, to use government spending on infrastructure in order to increase economic activity and push up the rate of price increases. Low government borrowing costs across much of the developed world means in effect that states currently have room to do this at very limited (or even negative in the case of Germany and Switzerland) cost to taxpayers, despite heavy debt burdens following the financial crisis.
Not everyone is convinced. A number of economists argue that a temporary period of deflation due to a positive supply shock - whereby prices are falling because more goods can be made for the same amount of money - does not require any action from a central bank. Indeed it should be a cause for celebration.
Many of those that hold this position also argue that central banks can simply undertake further rounds of asset purchases under their so-called quantitative easing programmes if they were to become concerned that expectations of price falls were becoming entrenched and people were holding off purchases. 
However, the IMF's intervention can be seen as a warning against the complacency of such a view. The effectiveness of QE in reversing price falls remains a matter of much debate in the economics profession and relying on unconventional central bank tools to reverse price falls after they have set in could be seen as too great a risk.

What Everyone Is Missing About The IMF's Latest World Economic Outlook

<ul class="summary-list"><li>The IMF said China will be the largest driver of global economic growth in the next five years.</li><li>China will contribute 22.6% of total world growth, while the US will contribute 11.3%.</li></ul>China will become the biggest driver of global growth over the next five years and will contribute double what the US adds, according to the International Monetary Fund.Based on Bloomberg calculations from data in the <a href="https://www.imf.org/en/Publications/WEO/Issues/2023/04/11/world-economic-outlook-april-2023?cid=bl-com-spring2023flagships-WEOEA2023001" target="_blank" rel="noopener">IMF's World Economic Outlook</a> released last week, China's slice of global gross domestic product expansion will be at 22.6%, India's will be 12.9%, and the US will add 11.3%. They are followed by Indonesia, Germany, Turkey, and Japan, each with a less than 3.6% contribution.Three-quarters of global growth will stem from 20 countries, and over 50% will come from just China, India, the US, and Indonesia.The IMF expects growth contributions from Brazil, Russia, India, and China to outpace Group of Seven nations.Overall, the IMF anticipates global growth to expand about 3% over the next five years in a higher-interest-rate environment. It's the weakest outlook in over 30 years.The group's report highlighted that recent bank turmoil and sticky inflation have <a href="https://markets.businessinsider.com/news/stocks/recession-forecast-risks-inflation-bank-crisis-imf-outlook-growth-downgrade-2023-4">heightened recession risks</a>. March brought the collapse of <a href="https://markets.businessinsider.com/news/stocks/silicon-valley-bank-collapse-sivb-wall-street-reaction-financial-crisis-2023-3">Silicon Valley Bank</a> and <a href="https://markets.businessinsider.com/news/stocks/silicon-valley-bank-signature-depositor-rescues-bank-run-incentive-fdic-2023-3">Signature</a>, in addition to trouble with Silvergate, <a href="https://markets.businessinsider.com/news/stocks/credit-suisse-svb-bank-financial-crisis-stock-price-cds-saudi-2023-3">Credit Suisse</a>, and other names. "Risks to the outlook are squarely to the downside," the IMF said. "Much uncertainty clouds the short- and medium-term outlook as the global economy adjusts to the shocks of 2020–22 and the recent financial sector turmoil. Recession concerns have gained prominence, while worries about stubbornly high inflation persist."

China will become the global economy's biggest growth driver in the next 5 years, doubling the US contribution, IMF says

<div class="KonaFilter image-container display-table float_right"><div><div class="image"><a href="http://commons.wikimedia.org/wiki/Main_Page#mediaviewer/File:RhB_ABe_4-4_III_Kreisviadukt_Brusio.jpg">Wikimedia Commons</a>Spiral viaduct near Brusio, Switzerland.</div></div></div>The International Monetary Fund (IMF) just cut its forecast for global GDP growth in 2014 to 3.4% from 3.6%.
"Global growth could be weaker for longer, given the lack of robust momentum in advanced economies," they said <a href="http://www.bloomberg.com/news/2014-07-24/imf-cuts-2014-global-forecast-after-slowdowns-from-china-to-u-s-.html">via Bloomberg</a>. "Monetary policy should thus remain accomodative in all major advanced economies."
Among the biggest revisions was U.S. 2014 GDP growth, which was cut to 1.7% from an earlier forecast of 2.8%.
The organization expects the Euro area to expand 1.1%, and Japan to gain 1.5%.
They do, however, expect global growth to accelerate to 4.0% in 2015.
Construction and mining machinery giant <a href="http://www.businessinsider.com/caterpillar-2014-economic-outlook-2014-7">Caterpillar offered its own growth forecasts</a> earlier today.
"We anticipate global economic growth in 2014 of about 2.5 percent, a modest improvement from 2013 levels," said Caterpillar. "Most developed countries continue to pursue pro-growth policies, which should continue to benefit those economies. However, many developing countries have raised interest rates and in many of those countries rates are near the peak reached in 2011."

The IMF Just Cut Its Outlook For The World

<ul class="summary-list"><li>The dollar has risen sharply in 2022, and that's adding to the pressure on the weakening global economy, the IMF said Tuesday.</li><li>The IMF said the strength of the dollar is likely to slow world trade, given that much of it is invoiced in the currency.</li></ul>The surge in the dollar is adding to the stresses afflicting the global economy, the International Monetary Fund has said, by slowing world trade and piling pressure on indebted developing countries.The <a href="https://markets.businessinsider.com/index/us-dollar-index">dollar index</a>, which measures the currency against a basket of its peers, has risen around 16% this year as the Federal Reserve has hiked interest rates faster than other major central banks, drawing investor money back towards the US.Worries <a href="https://markets.businessinsider.com/news/currencies/recession-global-economy-growth-inflation-hit-many-major-year-nomura-2022-7">about the global economy</a> have also powered the surge, as the dollar is seen as a safe haven at times of stress.That's good news for US consumers, making imports cheaper. But the IMF warned on Tuesday that the strength of the dollar is starting to cause pain around the world.The basic problem is that the buck is central to the global financial and economic system. Governments and businesses around the world now have to pay more of their domestic currencies to get hold of dollars, adding to their problems just as growth is slowing.The rally is "likely to have slowed world trade growth, considering the dollar's dominant role in trade invoicing," the IMF said in its latest <a href="https://www.imf.org/en/Publications/WEO/Issues/2022/07/26/world-economic-outlook-update-july-2022">World Economic Outlook update</a>.It's also a problem for countries who owe debts denominated in dollars, the IMF said, which have become more expensive to service."Such challenges will come at a time when government financial positions in many countries are already stretched, implying less room for fiscal policy support," the IMF's report said.The IMF said 60% of low income countries are in, or are at high risk of, government debt distress, up from about 20% a decade ago.Sri Lanka earlier this year defaulted on its foreign debts as an economic crisis gripped the country, with a sharp drop in the currency among the government's numerous problems. Investors have recently become concerned that Pakistan may run into trouble, with its currency also down sharply against the dollar.The IMF slashed its global growth forecasts for 2022 and 2023 Tuesday, saying it now expects the world economy to expand 3.2% this year and 2.9% the following year.It said high inflation, driven by surging energy prices following the war in Ukraine, and rising interest rates are set to weigh heavily on growth.

The surge in the dollar is slowing global trade and worsening debt crises around the world, the IMF warns

<ul class="summary-list"><li>The IMF forecast Russia's economy to contract 6% this year — an improvement from its April forecast.</li><li>Russia's crude-oil and energy exports have been holding up better than expected, said IMF.</li></ul>Russia's economy is holding up better than expected amid sweeping sanctions over its invasion of Ukraine, according to the <a href="https://www.imf.org/en/Publications/WEO/Issues/2022/07/26/world-economic-outlook-update-july-2022#">International Monetary Fund's World Economic Outlook</a> report issued on Tuesday.The IMF slashed growth forecasts for almost every country, but upgraded Russia's economic forecast — with the country's economy still contracting, but by 6% — an improvement from the <a href="https://markets.businessinsider.com/news/stocks/imf-economy-outlook-forecast-global-russia-ukraine-war-projection-commodities-2022-4">IMF's April forecast</a> of an 8.5% contraction.That's because Russia's crude-oil and non-energy exports have been "holding up better than expected," the IMF wrote in its report. "In addition, domestic demand is also showing some resilience thanks to containment of the effect of the sanctions on the domestic financial sector and a <a href="https://www.businessinsider.com/explainer-russia-economy-inflation-slowed-unemployment-steady-sanctions-ukraine-war-2022-6">lower-than-anticipated weakening of the labor market,"</a> added the IMF."That's still a fairly sizable recession in Russia in 2022," IMF chief economist Pierre-Olivier Gourinchas told the <a href="https://www.france24.com/en/live-news/20220726-russia-doing-better-than-expected-despite-sanctions-imf">AFP.</a> And "there is no rebound" for Russia with the country's economy expected to contract by 3.5% in 2023 — down from IMF's April forecast of a 2.3% contraction, as sanctions gnaw their way through the economy, Gourinchas added to the news agency.Overall, the IMF warned of a gloomy economic outlook with global growth likely to hit 3.2% this year — down from 6.1% in 2021 due to higher-than-expected inflation, a slowdown in China, and fallout from the war in Ukraine.Europe's growth is weighed down by the possibility of a <a href="https://www.businessinsider.com/germany-recession-russia-natural-gas-supply-cut-energy-inflation-ifo-2022-7">Russian natural-gas supply halt</a> as countries in the region are heavily dependent on the fuel import. GDP growth for the euro-zone is expected to slow to 2.6% this year, down from 5.4% in 2021.The US economy is also slowing sharply, with growth expected to reach 2.3% this year, down from 5.7% in 2021."The world may soon be teetering on the edge of a global recession, only two years after the last one," said <a href="https://mediacenter.imf.org/NEWS/imf-world-economic-outlook-highlights/s/16566edc-9b3a-4de0-9ed2-642beaba93ee">Gourinchas.</a>The IMF typically publishes the <a href="https://www.imf.org/external/pubs/ft/weo/data/assump.htm#:~:text=Data%20and%20projections%20for%20196,based%20on%20consistent%20global%20assumptions.">World Economic Outlook</a> forecasts twice a year. They are based on data and projections from 196 economies.

Despite sweeping sanctions, Russia's economic outlook has improved since April &mdash; but it's gotten worse for almost every other country

<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><li>At the event, former RBI governor Raghuram Rajan has said that India will soon surpass the size of China’s economy. </li><li>IMF Chief Gita Gopinath has raised the red flag for India by calling out the risk associated with India’s high fiscal deficit. </li><li>While Indian political leaders may be missing, industry top honchos Ambani, Adani among others are making up for the country.</li></ul>It’s that time of the year when the world’s biggest political, business and thought leaders of the world sit down and discuss global economy, investments, climate change and other pressing issues and potential opportunities at the famous skiing destination in Switzerland-- Davos. The <keyword id="69007" type="COMPANY" weightage="20" keywordseo="World-Economic-Forum">World Economic Forum</keyword> has officially kicked off in Davos and unlike last year, where Indian prime minister Narendra Modi made a splash, most political leaders from India have pulled out of the event to focus on the upcoming general elections. However, India, an economy that is touted to be among the world’s <a href="https://www.businessinsider.in/india-to-overtake-the-uk-in-the-rankings-of-the-worlds-largest-economies-thanks-to-brexit/articleshow/67188514.cms">top five</a> in 2019, was certainly a talking point at the world’s most elite gathering. The buzz at Davos Indian economy can be bigger than China Former RBI governor <a href="https://www.thequint.com/news/business/india-to-become-bigger-than-china-eventually-raghuram-rajan">Raghuram Rajan </a>has made big predictions for India at the event. Rajan said that India will soon surpass the <keyword id="5639169" type="UNKNOWN" weightage="20" keywordseo="economy-of-china">economy of China</keyword> and will lead the infrastructure development in South Asia. “India will become bigger than China eventually as China would slow down and India would continue to grow. So India will be in a better position to create the infrastructure in the region which China is promising today. But this competition is good for the region and it will benefit for sure,” he said. IMF’s advice for India’s finance minister IMF's Chief Economist Gita Gopinath has raised the <a href="https://www.bloombergquint.com/davos-world-economic-forum-2019/davos-2019-imf-chief-economist-gita-gopinath-on-global-growth-and-indian-economy#gs.3GOc0UrB">red flag for India</a> by calling out the risk associated with India’s high fiscal deficit. In an exclusive interview with <a href="https://economictimes.indiatimes.com/markets/expert-view/india-must-stick-to-fiscal-math-gita-gopinath-imf/articleshow/67634713.cms">ET now</a>, the IMF Chief said, “It is important for India to stay the course on fiscal consolidation. If you look at the aggregate deficit for India – combining the centre and the state deficits – has not improved much in the last five years. That is something that needs to be addressed.” However, The International Monetary Fund's (IMF) World Economic Outlook Update released by chief economist Gita Gopinath on Monday said that India's economy is expected to grow by 7.5 per cent in the 2019-20 fiscal year, keeping an upward trajectory as the rest of the world slumps. India to lead Industry 4.0 India presents a big opportunity with the fourth industrial revolution, declared Department of Industrial Policy and Promotion (DIPP) Secretary Ramesh Abhishek. Speaking at a breakfast session titled 'Shaping India's future with Industry 4.0', organised by global consultancy giant Deloitte and industry body CII, the secretary said that India is fast adapting to new technologies and facilitating with policy framework to make way for industrial growth. ‘Chai pe charcha’ at Davos Indian tea is making a big appearance at the event with<a href="https://www.livemint.com/politics/news/from-hot-cups-of-tea-to-billboards-and-lounges-india-makes-a-mark-at-wef-1548080851695.html"> Tata Tea’</a>s participation at the WEF. The company is offering free cups of tea to the attendees of the event. 
 



 
 
 <div type="image" title="WEF" msid="67652758" hostid="261" caption="&amp;lt;p&amp;gt;Tata Group Chairmen, Mr. Chandrasekaran at World Economic Forum. &amp;lt;/p&amp;gt;"></div>







easyinv.blogspot.com Neighbours compete At the WEF too, rival states of Telangana and Andhra Pradesh are making their call for investments. While Telangana makes an appearance again this year asking investors to make the state their first stop in the country, sister state <a href="https://www.livemint.com/politics/news/from-hot-cups-of-tea-to-billboards-and-lounges-india-makes-a-mark-at-wef-1548080851695.html">Andhra Pradesh</a> is calling itself ‘future-ready,’ Andhra Pradesh Chief Minister Chandrababu Naidu, too, was supposed to attend the event but he’s passed the opportunity. What to expect Many Indian industry top honchos like Mukesh Ambani, Gautam Adani, Nandan Nilekani, Anand Mahindra, Pawan Munjal amongst others will be making an appearance at the event. Indian commerce and industry minister Suresh Prabhu will also be attending the event. Madhya Pradesh Chief Minister Kamal Nath will be speaking on emerging markets outlook on Day 3. See Also: <a href="https://www.businessinsider.in/indias-economy-projected-to-grow-the-fastest-in-the-2019-20-even-as-the-rest-of-the-world-slows-down-imf/articleshow/67633816.cms">India's economy projected to grow the fastest in the 2019-20 even as the rest of the world slows down: IMF</a> <a href="https://www.businessinsider.in/davos-2019-day-one-huawei-chairman-said-trade-war-is-slowing-sales-microsoft-ceo-talked-techs-impact-on-humanity/articleshow/67649167.cms">Davos 2019 Day One: Huawei chairman said trade war is slowing sales, Microsoft CEO talked tech's impact on humanity</a> <a href="https://www.businessinsider.in/india-supports-international-aid-to-other-countries-says-survey/articleshow/67634798.cms">Over 95% Indians support foreign aid efforts — and it seems like India has stood up to that expectation</a>

Davos Digest: Raghuram Rajan lifts India's spirit and other stories from the World Economic Forum

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Sorry, America. China just overtook the US to become the world's largest economy, according to the International Monetary Fund.
Chris Giles at the Financial Times <a href="http://ftalphaville.ft.com/2014/10/07/1998332/moneysupply-the-new-world-economy-in-four-charts/">flagged up the change</a>. He'd also alerted us back in April this year that it was <a href="http://www.ft.com/cms/s/0/d79ffff8-cfb7-11e3-9b2b-00144feabdc0.html">all about to happen</a>. 
Basically, the method used by the IMF adjusts for purchasing power parity, <a href="http://www.imf.org/external/pubs/ft/fandd/2007/03/basics.htm">explained here</a>. The simple logic is that prices aren't the same in each country: a shirt will cost you less in Shanghai than San Francisco, so it's not entirely reasonable to compare countries without taking this into account. Though a typical person in China earns a lot less than the typical person in the US, simply converting a Chinese salary into dollars underestimates how much purchasing power that individual, and therefore that country, might have. <a href="http://www.economist.com/content/big-mac-index">The Economist's Big Mac Index</a> is a great example of these disparities.
So the IMF measures both GDP in market exchange terms, and in terms of purchasing power. On the purchasing power basis, China is overtaking the US right about now and becoming the world's biggest economy.
We've just gone past that cross-over on the chart below, according to the IMF. By the end of 2014, China will make up 16.48% of the world's purchasing-power adjusted GDP (or $17.632 trillion), and the US will make up just 16.28% (or $17.416 trillion):
<div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="IMF, Google Public Data Explorer" title_caption="Adjusted for purchasing power, the IMF thinks China's economy is now the world's largest." class="zoomin" href="https://static-ssl.businessinsider.com/image/5434f54a6bb3f7fd5406f095-960/screen shot 2014-10-08 at 09.25.43.png"></a>IMF, Google Public Data ExplorerAdjusted for purchasing power, the IMF thinks China's economy is now the world's largest.</div></div></div>It's not all sore news for the US. It'll be some time yet until the lines cross over in raw terms, not adjusted for purchasing power. By that measure, China still sits more than $6.5 trillion lower than the US, and isn't likely to overtake for quite some time:
<div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="IMF, Google Public Data Explorter" title_caption="But in terms of the raw market value of China's currency, it still has a long way to go." class="zoomin" href="https://static-ssl.businessinsider.com/image/5434f8f569beddfb2f06f089-960/screen shot 2014-10-08 at 09.40.31.png"></a>IMF, Google Public Data ExplorterBut in terms of the raw market value of China's currency, it still has a long way to go.</div></div></div>

China Just Overtook The US As The World's Largest Economy

By Lalit K Jha Washington, Apr 16 () Describing the COVID-19 pandemic as "a crisis like no other," IMF head Kristalina Georgieva has said the international lender plans to use all its USD 1 trillion lending capacity to support countries across the world battling the deadly outbreak.An unprecedented 102 of the International Monetary Fund's 189 member nations are seeking assistance from the organization to combat the coronavirus, the lending agency's Managing Director Georgieva said."It is a crisis like no other. In scope, we are now in the worst recession since the Great Depression. We are experiencing a 3 per cent contraction of global GDP, and 170 countries are going to see income per capita falling versus what we expected three months ago for 160-for them to go up," Georgieva told reporters at the start of the annual spring meeting of IMF and the World Bank here.According to the Johns Hopkins University data, over 2 million people are infected by the virus and more than 136,000 people have died of the disease globally.In view of coronavirus crisis, the spring meeting is being held virtually-- the first one in the history of IMF and the World Bank.For the first time in the history of the IMF, epidemiologists are providing inputs for its macroeconomic projections, and they're telling the IMF it may get even worse if the virus continues its round for longer, or if vaccines and treatments are slow to come around, the IMF Managing Director said.Georgieva said that the IMF is proposing to deploy the full USD 1 trillion lending capacity to support countries dealing with the tremendous challenge this crisis presents. It is also proposing to double emergency financial assistance."We started aiming for USD 50 billion, we are now at USD 100 billion, and in one short month, the month of April, our Board will have approved half of what is now exceptionally high demand for these resources, 102 countries asking for it. Already we disbursed for 15 in a record short time," she said.The IMF Board has already approved debt relief for 25 of its poorest members. "We will need to raise resources, and I'm so glad that during the G20 discussion this morning there was unanimous support for the Fund to do more, especially for those who need us more," she said."It is also very clear, that there are countries that need more support. And for those, we are determined to raise more concessional resources. We have full support from the membership, to go on the offensive, to raise more capacity for concessional funding from the IMF. Our target is to triple what we do for these countries," she said in response to a question.The IMF, she said, is also very keen to explore other avenues, that would allow it now, in the urgency of the situation, to do more. There is an emerging consensus that existing SDRs could be deployed to help in developing countries, she said. "And we will assess, as the crisis evolves, where we are. The membership is very engaged, and very supportive," she said."We now have more than 30 countries applying for emergency financing. We are prioritizing rapidly responding to these requests, recognizing how critical this lifeline is for them. We are also very keen to see what more can be done," the IMF Managing Director said. LKJ TIR AKJ RS

IMF proposes to deploy full USD 1 trillion lending capacity to support countries battling COVID-19

<ul class="summary-list"><li>The <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword> is skewing economic data and making it hard to collect, which is in turn making it difficult to understand the full scale of the virus' impact on the world <keyword id="34412" type="ORGANIZATION" weightage="60" keywordseo="economy">economy</keyword>, the <keyword id="6366068" type="ORGANIZATION" weightage="60" keywordseo="international-monetary-fund">International Monetary Fund</keyword> said this week.</li><li>"Without reliable data, policymakers cannot assess how badly the pandemic is hurting people and the economy, nor can they properly monitor the recovery," the <keyword id="6355408" type="DEFINITION" weightage="60" keywordseo="imf">IMF</keyword> said in a blog post.</li><li>The pandemic has likely thrust the global economy into a crippling recession.</li><li>The IMF said "innovative data collection methods" are needed to tackle the discrepancies in data and assess the extent of the crisis.</li></ul>COVID-19 is skewing economic data, meaning policymakers will struggle to correctly assess the damage done by the pandemic and type of recovery needed, the International Monetary Fund said this week.In a <a href="https://blogs.imf.org/2020/05/26/keeping-economic-data-flowing-during-covid-19/">blog post</a> posted Tuesday, the IMF, said that the coronavirus has "disrupted the production of many key statistics," which is in turn likely to cause problems with policy making and assessing "Without reliable data, policymakers cannot assess how badly the pandemic is hurting people and the economy, nor can they properly monitor the recovery."The IMF's comments come at a crucial time for economies, with many of them reporting Gross Domestic Product figures as they assess how badly COVID-19 has impacted activity and make predictions for the coming year. The pandemic has likely thrust the global economy into recession, with almost all major economies already seeing huge contractions so far in 2020.Read more: <a href="https://www.businessinsider.com/real-estate-investment-strategy-for-passive-income-turnkey-providers-2020-5">A part-time real-estate investor quit his traditional job 5 years after snagging his first deal. He shares his no-hassle strategy that's allowed him to travel the world with his 6 kids.</a>US, the world's largest economy uses <keyword id="35050" type="CITY" weightage="60" keywordseo="gdp">GDP</keyword> figures to model its fiscal policies. Several countries like India, Italy, France and Brazil are due to report GDP figures over the course of next few days. <h2>3 reasons why COVID-19 is skewing economic data</h2>The IMF said there are 3 reasons why the pandemic is making data less reliable. 1. Many staff from national statistical offices are working from home due to lockdowns.This means they often lack the tools and data they need to produce and disseminate economic indicators, the IMF said. Calculating retail prices often requires being physically present in stores, but coronavirus lockdowns has made that harder to do. The IMF added that surveying businesses about production and investment plans is difficult as some have shut down or don't have the resources to respond to statistical questionnaires. "These disruptions mean that data on prices and production — critical for calibrating monetary policy and fiscal stimulus measures — may either be delayed or have to be estimated based on partial information."2. Inconsistent approaches to recording government support to people"When a government provides financial support to companies affected by COVID-19, is it making a financial investment or is it providing subsidies with no return expected?""Depending on the answer, policymakers will get a different picture of the fiscal deficit and public debt," the IMF said. 3. Many traditional official statistics are out of date at this point in time"Many traditional official statistics — even those with monthly frequency — are just not sufficiently up to date to be useful at this time," the IMF said. Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-high-growth-companies-outperformance-morgan-stanley-2020-5">MORGAN STANLEY: Buy these 23 high-growth stocks that look poised to deliver market-beating returns over the long term</a>The IMF added while the important role of alternative indicators was already recognized before the pandemic, the current pandemic has made it more important. <div type="image" title="Unemployment California Los Angeles" height="750" width="1500" msid="76089845" hostid="261"></div>The blog, written by staff members Louis Marc Ducharme, James Tebrake, and Zaijin Zhan, made a number of suggestions on how countries can tackle the unreliability of their economic data "The significant data disruptions due to the COVID-19 pandemic require innovative data collection methods and data sources,"it said.<a href="https://bid.g.doubleclick.net/xbbe/creative/jump?p=APEucNVOs284SIy7or_4zfXHDu5-tLOXRUl_d5uO416A_W7u2k2jtXM&amp;d=CnkAoCZ_4M5u4K_-RnLjJZIwu9BfxaQWMMQHihmc1T49Esw9hL9wWiD5ksSdAGKJj8GUvGhwYllWaswZEFlX-XnqDesldViwix2KbkKOYYlAJWGscEEj_CeIZhMRZDFd86ruatv1vPet9ddHNgSUt9SuGFANo8F4yLeXEqkRAKAmf-DfZVRalxmVyoA1mkCtP5RfMQ1o0PU3-68CBU2GQR8haOPnhkoNMz39hOTcE0jvu4xi4uwAMKgBb0vtBqaTwizHr6-Dub8oX_x2x7wh19a5gLWCzxAy5l5atl4PjkcL6nDpklaKdAVWl8TptwGxV6h-GMfgTm_N9XAKwLFngZEveGbaovSlO6imlSu8moTQbwl-aFEtfWNsUZbfEkSiz2OdasXjMzJ2BJJwVtVs-EoNRdvSOI-AdFRmiZBltzPqK0BKqHbAeBdwjRTVsD6SaVppcG4XmstQTu1lMA2cFZK9gz3SRd9qaVws7PqGVq1k-60TDg4CoHbun91CZCQnH16jQ8XNKgJI5gg9s0WALqU_vaP1_uCQjjOykEHgyIeqZESirRJ0LJS4rAto7KI-LIofDbHmMNadPSw--IfAleJRcIHn5ibPCrFsiaIDLzGgRlEFK6E_95bBhlLCfxGZvLi0BdUrUK3WFKzV3Q9D2CaGS2tkdhpLweD4kc0cXK4Hx4EwL7syRedjd2XKvmTpT3g-xwFXa8o05StzNIyYedfs0D-DDD9vWq53qLaqrf-wgw_g26daKpZ-DuNJg_n6RfC1EyD02J5BXH7EbxJer0v9tQK_9nFnNhT14bZV-Y8LtUuFpW2f-zN4zC9KRPQxWLNTJMTaNex-KJ0t0xWdozZh17gSgLVa2aXR-6CC6F9mFm242sMHXOLx0ErxEeYba5tcvZ-FfCsxgfrBW8HZc1Rtinj4GhkG_LmwubuSyB7QA4US6Lax2TDhmuUuRShnec4LFuFhcZr2I9A0YV16GnM72HIW3qKFnm2hNoG7_KKRa93QlrlFIQ_xv0v8GElWKeV9py2PtZL9qt1LztsMppxjQPH5GJxdemWm2YHGVmv_DEdhLVL3fnvFM82mvUCB8WewV-HCUumX6DacbzTePPIqKYejHmdMAhnRNtg0fIUZXew3lxIpQLwUKyo0ozYNEv8O7zh6urcnTWojcaCsfj4NX6Il41yK0hbuti4ULYEenVmMm83iHpVee1bAK8H_5Mv0_6ZYjRPt494R59LpS325BFvfolWwyGsDu9CK_AlzuDByDfNcBl-w7wxKWC8Dlgq4SBkoUIOucs_jXXnxr0oD2m-inChAhOTLckw8gexvELWHgh6mhx-d2sal2h8CKpvEXKjNybNn3rYkJI2v68lfyYFdUZLoSf1Q78U5VDzRFQLI6A9a7wPnmLy4aZ30deVeQ7q6zN5b1D_jo2hk_aJVfIcxlv4OKCSnyg-g8q1cA4sCeZ35jc0atP4GsPD-CaUYdgyVujBJrGePoTKsNbilXVsfdytDq7GuuCWFZALbEfO95Sbyv-h2YTyfaMgbQ2NqNg_5ClZemXtd8cNLae8ofb9M_a1mszg0Tk247DDVflHaahPYzgIVW5JBkcBHQi17600z7m4LTo7jQMKu4cf_ATtXSuZPMPpkqd2XYYPZRO9LPl2PnGSB7KdNSoT1WWVenwoNsmVQ6DYp0P1DYM-z2n-p_HS7jS9_uGVLRyxyB66oVaPpol4NC6BbAni4w-Qit4-uYlebyiM064cQsnzIv0zwYiwgtM3eWGVOeGnbJIGxubZ6QKMHhaz_EFCQpzwh3TvS6Au_N3COCy0NDc9-msARmRc4HSKI7zUvPT55nktrw68K_jlQZdAatO5MsFVSd2B47EWyXeAwVIGFNyluDqQq_UaC5VryWsaR7plxD_cLDVHBf4jLXbivVHHiuPpRJIScHDnH0aKmtF4NgGkhXfOjvYh0hbMdXZsp71OByILNEQinSiphJuKLvAPYRWKv0twAUWVpBN3m48C1lolczWXalj0YCZWZtf35tx922AYUuchTLpSGZP7Kua_pZBMQ6OextZLAMfo0gj1twYc28SZi3jGhPwAdinFURDD9jpGEY5bNImL83McxzDK6q-fQrLxCj20Moh1YEsS7gubMJrTIeAG9feBQ84qLFefNZTH8s3N5jEoQfodBG0pRomBDY8kQf1evdLIOY2Z8bijifkxTU0Ka4_MMOfneqRiV3JFMfyV7jM95gV_2-yKZmisZKi1gQtPBmmVdo8NWnh9YfV8TrumJqgmnrym94adCBSmxGLZHbHqkVevM9m6pqJEcw7Ok5JgfDL8UXOB1VYHai-Lw2lNfyx6tEw9bf-SwvtJO2Ipy_WG6nYCNHdh5giMxhosgzVBbZJ7GUp8jn9kUBhQ-skIuSNkOejmE2-6Q-LcjlRodl7BGDG9DJrEGrQq162uTB_a8r35czq3bb9O_ETd5a7yEw8liv2PHLnDL7K7Cv_k-xPJeOb_EFq27tWBSql-2WimxEgDEcjl7A2uYD9edoaGqLDKJRNbu3FzxI5zAI8O7-W3G8bR6VzIHTRjNx9u9DQUEo_xpfXtYwU4dxKi3ClRM_8dhaOuR1gK74A4hnogtkZ3aNExq0Ja2O5oKu9A7Gr4ttZlh0Wptn9Xd3P-1jv7wigdKP3R02pSgGdQLeOmkXxBOVc83XRD-_C4TiliU3t2JivAudVX1GY3W1taJ-FfS6j_BPZAJxFCzv0TVIDgIiwXZHN6Y0U_raEP6ePKKayHkW1fGMGFWoIC28Y-a8qexgAOeadq47Q4IlV-SPUf4AUABTI79oKJyK9QliKK5YNN3mKCTxzLWkNyNyk0VA--y9RyGNiiJHUIBHfky20d6UHygdM25LwzsnUHZMh79bK03w3ipw96nNoDSLfNZlvUoXKGZr5Em7h5F6I8vZqDhyntXrZxA-d9x_l4YK8wGqAvC9O3UgWH2YEb4fA47iDHRFq0ndh0qwnnOVv1yDrE--HmAlkkcFdQBN_539dgtceloUeOAE62aK7ryIW5KBs-pql4wwqsJHqq74guRU5SficpEiqdS62hlkKI3UJggK7Hs0Bcs6xFWx7aRLDQPPPfSToM0L3IkyBX-vl2O7RLsGhYIABIS5GhyUZhMI8e75sRk2QTRj60WYAE"></a>Some of the IMF's suggestions include temporarily estimating values for missing data components using alternative data sources. In the case of missing prices due to store closures, turning to internet communities to help collect data may be a temporary solution, the IMF said. The IMF, together with Eurostat, the Organisation for Economic Co-operation (OECD), the United Nations, and the World Bank, is supporting video conferences and a COVID-19 portal for compilers hosted by the OECD. Read the original article on <a href="https://www.businessinsider.com/imf-covid-19-is-skewing-economic-data-actual-impact-unclear-2020-5">Business Insider</a>

The coronavirus pandemic is messing with how economic data is produced, and making it hard to work out how badly it's hitting the global economy, the IMF says

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