Watch: China underperforming relative to past, says Ex RBI chief Raghuram Rajan in Davos
China underperforming relative to past: Ex RBI chief Raghuram Rajan
Global uncertainties, including populism and economic slowdown, have cast a shadow over the World Economic Forum (WEF)'s 2019 annual meeting, which officially opened in Davos, Switzerland, on Monday.
As leaders gathered for the annual meeting,WION spoke to the former governor of Reserve Bank of India, Raghuram Rajanwho is also attending the event. Speaking toWION's correspondent, Sumit Chaturvedi, Rajansaid that there is underlying strength inthe global economy.
Commenting on the recent forecast by International Monetary Fund(IMF) on global economic growth, Rajan said he agrees with IMF and said that there are clouds hanging over the world economy as China is underperforming in comparison to itspast recordand the US is also suffering due to the government shutdown.
"Well, I have no reason to differ from the IMF, there is broadly strength in the underlying economy, there are some clouds, certainly, China is underperforming relativeto the past...in the US there are issues like a government shutdown, so we have to wait and see," Rajansaid.
Commenting on the World Economic Forum, Rajan said, "It's just started so not much has happened so far..will see what people say, what people think..it's a process of discussion and debate."
Experts have said that the absence of western leaders at the Davos meeting has added to the challenges brought by populism to the globalisation process.
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Meanwhile, fears of a global slowdown have jolted markets and forced the US Federal Reserve Bank to signal a pause in its interest rate hike cycle, as investors fret about increasing weak signs in China and the fallout from Sino-US trade frictions.
Data released on Monday showed China's economy cooled in the fourth quarter on faltering domestic demand and bruising UStariffs, dragging 2018 growth to the lowest in nearly three decades.
Topics such as global economic landscape, climate change, artificial intelligence and digitalisation are also on top of the agenda at the WEF.