The global recession caused by the coronavirus pandemic will be worse than in 2009, but early signs of a recovery are appearing in China, including renewed pollution, IMF economists said Monday.

Also read:&nbsp;<a href="https://www.wionews.com/world/iran-reports-136-new-deaths-as-authorities-say-gradual-downtrend-in-coronvirus-cases-290927" hreflang="en">Iran reports 136 new deaths as authorities say 'gradual downtrend' in coronvirus cases</a>

"The COVID-19 pandemic has pushed the world into a recession. For 2020 it will be worse than the global financial crisis," the authors, including International Monetary Fund chief economist Gita Gopinath, said in a blog post.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/world/british-pm-boris-johnson-in-good-spirits-after-being-hospitalised-due-to-covid-19-290908" hreflang="en">British PM Boris Johnson in 'good spirits' after being hospitalised due to COVID-19</a>

"The economic damage is mounting across all countries, tracking the sharp rise in new infections and containment measures put in place by governments."

Also read:&nbsp;<a href="https://www.wionews.com/world/south-korea-reports-fewer-than-50-coronavirus-cases-who-lauds-nations-response-290895" hreflang="en">South Korea reports fewer than 50 coronavirus cases; WHO lauds nation's response</a>

China, where the virus appeared in mid-December, was the first hit by the full force of the economic impact as authorities locked down whole regions to try to contain the spread.

The world's second largest economy, China saw a modest recovery in a key manufacturing index in March, and satellite images show increasing concentrations of nitrogen dioxide last month, indicating a pickup in industrial activity and transportation, the blog said.

"The recovery in China, albeit limited, is encouraging, suggesting that containment measures can succeed in controlling the epidemic and pave the way for a resumption of economic activity," the authors wrote.&nbsp;

However, they warned of "huge uncertainty about the future path of the pandemic and a resurgence of its spread in China and other countries cannot be ruled out."

There were more than 82,660 cases in China and 3,335 dead, according to Johns Hopkins University. Worldwide, there are now 1.3 million confirmed cases.

The global recession caused by the coronavirus pandemic will be worse than in 2009, but early signs of a recovery are appearing in China, including renewed pollution, IMF economists said Monday.

The global recession caused by the coronavirus pandemic will be worse than in 2009, but early signs of a recovery are appearing in China, including renewed pollution, IMF economists said Monday. Also read: Iran reports 136 new deaths as authorities say 'gradual downtrend' in coronvirus cases "The COVID-19 pandemic has pushed the world into a recession. For 2020 it will be worse than the global financial crisis," the authors, including International Monetary Fund chief economist Gita Gopinath, said in a blog post. Also read: British PM Boris Johnson in 'good spirits' after being hospitalised due to COVID-19 "The economic damage is mounting across all countries, tracking the sharp rise in new infections and containment measures put in place by governments." Also read: South Korea reports fewer than 50 coronavirus cases; WHO lauds nation's response China, where the virus appeared in mid-December, was the first hit by the full force of the economic impact as authorities locked down whole regions to try to contain the spread. The world's second largest economy, China saw a modest recovery in a key manufacturing index in March, and satellite images show increasing concentrations of nitrogen dioxide last month, indicating a pickup in industrial activity and transportation, the blog said. "The recovery in China, albeit limited, is encouraging, suggesting that containment measures can succeed in controlling the epidemic and pave the way for a resumption of economic activity," the authors wrote. However, they warned of "huge uncertainty about the future path of the pandemic and a resurgence of its spread in China and other countries cannot be ruled out." There were more than 82,660 cases in China and 3,335 dead, according to Johns Hopkins University. Worldwide, there are now 1.3 million confirmed cases.

Pollution data shows early signs of China recovery: IMF

According to former Pakistan pacer spearhead Shoaib Akhtar's latest tweet: "This coronavirus pandemic is going to leave more people bankrupt than dead."

Also read:&nbsp;<a href="https://www.wionews.com/sports/shoaib-akhtar-blames-chinas-eating-habits-for-coronavirus-expresses-anger-at-putting-world-at-risk-286534">Shoaib Akhtar blames China's eating habits for coronavirus, expresses anger at putting 'world at risk'</a>

Shoaib took to Twitter to share this prediction:&nbsp;

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This Corona virus pandemic is going to leave more people bankrupt than dead.
— Shoaib Akhtar (@shoaib100mph) <a href="https://twitter.com/shoaib100mph/status/1245033125236834306?ref_src=twsrc%5Etfw">March 31, 2020</a></blockquote>
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Akhtar might not be wrong in predicting this as the IMF chief Kristalina Georgieva said: "It is clear that we have entered a recession that will be worse than in 2009 following the global financial crisis."

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/clear-we-have-entered-recession-would-be-worse-than-2009-imf-289009">Clear we have entered recession, would be worse than 2009: IMF</a>

Akhtar has been vocal on the on-going coronavirus pandemic. Earlier, Akhtar said in his YouTube video: "Request all my fans all across the globe. Coronavirus is a global crisis and we have to think as a global force, rise above religion. Lockdown is happening so that the virus does not spread. If you are doing interaction and meeting in places, it will not help. If you are hoarding things, please think about the daily wage workers. Stores are empty. What is the guarantee that you will live after three months? Think about the daily wage worker, how will he feed his family? Think about people, time to be a human, not Hindu, Muslim. People will have to help each other, collect funds. Stop Hoarding."

Akhtar even blamed China for their eating habits and blamed them for the global pandemic that threatens humanity. He said: "I don't understand if God has made halal animals, why are you eating haram. When God has given you so much livestock, why can't you eat that? Why do you have to eat bats, cats and dogs, drink their urine, their blood, and spread the virus in the entire world? I don`t understand, I'm really angry," Dawn.com quoted Akhtar as saying."I`m really angry. They've got the whole world at stake, these Chinese."

According to former Pakistan pacer spearhead Shoaib Akhtar's latest tweet: "This coronavirus pandemic is going to leave more people bankrupt than dead." Also read: Shoaib Akhtar blames China's eating habits for coronavirus, expresses anger at putting 'world at risk' Shoaib took to Twitter to share this prediction: This Corona virus pandemic is going to leave more people bankrupt than dead.

According to former Pakistan pacer spearhead Shoaib Akhtar's latest tweet: "This coronavirus pandemic is going to leave more people bankrupt than dead." Also read: Shoaib Akhtar blames China's eating habits for coronavirus, expresses anger at putting 'world at risk' Shoaib took to Twitter to share this prediction: This Corona virus pandemic is going to leave more people bankrupt than dead. — Shoaib Akhtar (@shoaib100mph) March 31, 2020 × Akhtar might not be wrong in predicting this as the IMF chief Kristalina Georgieva said: "It is clear that we have entered a recession that will be worse than in 2009 following the global financial crisis." Also read: Clear we have entered recession, would be worse than 2009: IMF Akhtar has been vocal on the on-going coronavirus pandemic. Earlier, Akhtar said in his YouTube video: "Request all my fans all across the globe. Coronavirus is a global crisis and we have to think as a global force, rise above religion. Lockdown is happening so that the virus does not spread. If you are doing interaction and meeting in places, it will not help. If you are hoarding things, please think about the daily wage workers. Stores are empty. What is the guarantee that you will live after three months? Think about the daily wage worker, how will he feed his family? Think about people, time to be a human, not Hindu, Muslim. People will have to help each other, collect funds. Stop Hoarding." Akhtar even blamed China for their eating habits and blamed them for the global pandemic that threatens humanity. He said: "I don't understand if God has made halal animals, why are you eating haram. When God has given you so much livestock, why can't you eat that? Why do you have to eat bats, cats and dogs, drink their urine, their blood, and spread the virus in the entire world? I don`t understand, I'm really angry," Dawn.com quoted Akhtar as saying."I`m really angry. They've got the whole world at stake, these Chinese."

'Coronavirus going to leave more people bankrupt than dead', says Shoaib Akhtar

Good morning! Start your day with WION's news brief!

<a href="https://www.wionews.com/world/coronavirus-us-records-highest-single-day-death-toll-as-trump-says-painful-two-weeks-ahead-289801" hreflang="en">United States records highest single-day COVID-19 death toll at 865</a>

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The United States recorded 865 new deaths in just 24 hours due the&nbsp;coronavirus&nbsp;epidemic with the number of confirmed cases surging to 188,547, according to Johns Hopkins coronavirus resource centre.

<a href="https://www.wionews.com/world/uk-reports-record-381-covid-19-deaths-including-13-year-old-boy-289805">UK reports record 381 COVID-19 deaths, including 13-year-old boy</a>

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Britain recorded the highest death toll of 381 on Tuesday, an increase of twenty-nine per cent as the coronavirus continued to ravage to the country.

<a href="https://www.wionews.com/business-economy/banking-systems-may-need-help-if-handicapped-by-disruption-from-coronavirus-lockdowns-imf-289804">Banking systems may need help if handicapped by disruption from COVID-19: IMF</a>

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Officials at the International Monetary Fund (IMF) have suggested that the banking systems of some countries might have to be recapitalised or even restructured, if their economies are severely handicapped by prolonged disruption from the coronavirus outbreak.

<a href="https://www.wionews.com/entertainment/harry-and-meghan-embark-on-new-life-in-los-angeles-289803" hreflang="en">Harry and Meghan embark on new life in Los Angeles</a>

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Every starry-eyed ingenue arriving in Los Angeles faces the same question: how to catch that big break in Hollywood? For Prince Harry and his wife Meghan, it's far more complicated.

WATCH|&nbsp;<a href="https://www.wionews.com/videos/gravitas-world-follows-india-in-thanking-front-line-workers-289798" hreflang="en">Gravitas: World follows India in thanking front-line workers</a>

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Good morning! Start your day with WION's news brief! United States records highest single-day COVID-19 death toll at 865 The United States recorded 865 new deaths in just 24 hours due the coronavirus epidemic with the number of confirmed cases surging to 188,547, according to Johns Hopkins coronavirus resource centre.

Good morning! Start your day with WION's news brief! United States records highest single-day COVID-19 death toll at 865 The United States recorded 865 new deaths in just 24 hours due the coronavirus epidemic with the number of confirmed cases surging to 188,547, according to Johns Hopkins coronavirus resource centre. UK reports record 381 COVID-19 deaths, including 13-year-old boy Britain recorded the highest death toll of 381 on Tuesday, an increase of twenty-nine per cent as the coronavirus continued to ravage to the country. Banking systems may need help if handicapped by disruption from COVID-19: IMF Officials at the International Monetary Fund (IMF) have suggested that the banking systems of some countries might have to be recapitalised or even restructured, if their economies are severely handicapped by prolonged disruption from the coronavirus outbreak. Harry and Meghan embark on new life in Los Angeles Every starry-eyed ingenue arriving in Los Angeles faces the same question: how to catch that big break in Hollywood? For Prince Harry and his wife Meghan, it's far more complicated. WATCH| Gravitas: World follows India in thanking front-line workers ×

Morning News Brief: US, UK record highest deaths due to COVID-19 in single day and more!

The coronavirus pandemic has driven the global economy into a downturn that will require massive funding to help developing nations, IMF chief Kristalina Georgieva said Friday.

"It is clear that we have entered a recession" that will be worse than in 2009 following the global financial crisis, she said in an online press briefing.

Also read | <a href="https://www.wionews.com/world/coronavirus-pandemic-sets-the-stage-for-unprecedented-global-economic-losses-288927">Coronavirus pandemic sets the stage for unprecedented global economic losses</a>

With the worldwide economic "sudden stop," Georgieva said the fund's estimate "for the overall financial needs of emerging markets is $2.5 trillion."&nbsp;

But she warned that estimate "is on the lower end."

Governments in emerging markets, which have suffered an exodus of capital of more than $83 billion in recent weeks, can cover much of that, but "clearly the domestic resources are insufficient" and many already have high debt loads.

Over 80 countries, mostly of low incomes, have already have requested emergency aid from the International Monetary Fund, she said.

"We do know that their own reserves and domestic resources will not be sufficient," Georgieva said, adding that the fund is aiming to beef up its response "to do more, do it better, do it faster than ever before."

The IMF chief spoke to reporters following a virtual meeting with the Washington-based lender's steering committee, when she officially requested an increase in the fund's fast-deploying emergency facilities from their current level of around $50 billion.

She also welcomed the $2.2 trillion economic package approved by the US Senate, saying "it is absolutely necessary to cushion the world's largest economy against an abrupt drop the economic activities." 
&nbsp;

The coronavirus pandemic has driven the global economy into a downturn that will require massive funding to help developing nations, IMF chief Kristalina Georgieva said Friday.

The coronavirus pandemic has driven the global economy into a downturn that will require massive funding to help developing nations, IMF chief Kristalina Georgieva said Friday. "It is clear that we have entered a recession" that will be worse than in 2009 following the global financial crisis, she said in an online press briefing. Also read | Coronavirus pandemic sets the stage for unprecedented global economic losses With the worldwide economic "sudden stop," Georgieva said the fund's estimate "for the overall financial needs of emerging markets is $2.5 trillion." But she warned that estimate "is on the lower end." Governments in emerging markets, which have suffered an exodus of capital of more than $83 billion in recent weeks, can cover much of that, but "clearly the domestic resources are insufficient" and many already have high debt loads. Over 80 countries, mostly of low incomes, have already have requested emergency aid from the International Monetary Fund, she said. "We do know that their own reserves and domestic resources will not be sufficient," Georgieva said, adding that the fund is aiming to beef up its response "to do more, do it better, do it faster than ever before." The IMF chief spoke to reporters following a virtual meeting with the Washington-based lender's steering committee, when she officially requested an increase in the fund's fast-deploying emergency facilities from their current level of around $50 billion. She also welcomed the $2.2 trillion economic package approved by the US Senate, saying "it is absolutely necessary to cushion the world's largest economy against an abrupt drop the economic activities."

Clear we have entered recession, would be worse than 2009: IMF

Iran seeks the first International Monetary Fund loan in 6 decades. The satellite images show mass graves in Iran. Was Iran slow in isolating itself from China?

Iran seeks first IMF loan in 6 decades, satellite images show mass graves in Iran!

In order to counter the economic impact from the ongoing coronavirus crisis, government&nbsp;and policy-makers need to implement substantial measures

That's the word from international monetary fund's chief economist Gita Gopinath.

Also read:&nbsp;<a href="https://www.wionews.com/india-news/trade-impact-of-coronavirus-epidemic-for-india-estimated-at-348-million-dollars-un-report-284461" hreflang="en">Trade impact of Coronavirus epidemic for India estimated at 348 million dollars: UN report</a>

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In a blog on IMF's website, Chief economist at IMF, Gita Gopinath has suggested some recommendations like providing money directly into the hands of households and businesses and also implement substantial targeted fiscal and financial market measures.

Also read:&nbsp;<a href="https://www.wionews.com/world/global-growth-to-fall-below-last-years-level-due-to-coronavirus-imf-284325" hreflang="en">Global growth to fall below last year's level due to coronavirus: IMF</a>

Gopinath further added that the government should enhance funding unwell workers so that they can stay at home without fear of losing their jobs.

She also suggested that to counter the current instability central banks should be ready to provide liquidity to banks particularly to those lending to medium and cottage industries.

Gopinath said that for those laid off, unemployment insurance could be temporarily enhanced, by extending the duration of the insurance, increasing benefits or relaxing eligibility for the same.

She elucidated the example of Italy’s extension of tax deadline and wage supplementation fund to support the workers amid travel restrictions and quarantine.

In an effort to ease down the effects of financial crunch amid virus outbreak South Korea has initiated wage subsidies to help people need their daily needs and businesses to continue their services.&nbsp; 
&nbsp;

In order to counter the economic impact from the ongoing coronavirus crisis, government and policy-makers need to implement substantial measures That's the word from international monetary fund's chief economist Gita Gopinath.

In order to counter the economic impact from the ongoing coronavirus crisis, government and policy-makers need to implement substantial measures That's the word from international monetary fund's chief economist Gita Gopinath. Also read: Trade impact of Coronavirus epidemic for India estimated at 348 million dollars: UN report In a blog on IMF's website, Chief economist at IMF, Gita Gopinath has suggested some recommendations like providing money directly into the hands of households and businesses and also implement substantial targeted fiscal and financial market measures. Also read: Global growth to fall below last year's level due to coronavirus: IMF Gopinath further added that the government should enhance funding unwell workers so that they can stay at home without fear of losing their jobs. She also suggested that to counter the current instability central banks should be ready to provide liquidity to banks particularly to those lending to medium and cottage industries. Gopinath said that for those laid off, unemployment insurance could be temporarily enhanced, by extending the duration of the insurance, increasing benefits or relaxing eligibility for the same. She elucidated the example of Italy’s extension of tax deadline and wage supplementation fund to support the workers amid travel restrictions and quarantine. In an effort to ease down the effects of financial crunch amid virus outbreak South Korea has initiated wage subsidies to help people need their daily needs and businesses to continue their services.

IMF's chief economist Gita Gopinath suggest ways to counter economic impact from coronavirus

Financial markets and economic forecasts are warning of rising risks to the American and global economies, which were improving before novel coronaviruses spread from China around the world.

IMF cuts global growth forecast, Economic carnage of Coronavirus | Coronavirus Outbreak

The coronavirus epidemic has already disrupted<a href="https://www.wionews.com/business-economy/oil-up-on-slowing-pace-of-coronavirus-venezuela-sanctions-281596"> economic growth in China </a>and a further spread to other countries could derail a "highly fragile" projected recovery in the global economy in 2020, the International Monetary Fund warned on Wednesday.

In a note for G20 finance ministers and central bankers, the global lender mapped out many risks facing the global economy, including the disease and a renewed spike in US-China trade tensions, as well as climate-related disasters.

Watch:&nbsp;Coronavirus - Tourists Disappear from Chinatown, business down

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IMF Managing Director Kristalina Georgieva said the outbreak was a stark reminder of how unforeseen events could threaten a fragile recovery, and urged G20 policymakers to work to reduce other uncertainties linked to trade, climate change and inequality.

"Uncertainty is becoming the new normal," Georgieva wrote in a blog posted on the IMF website. "While some uncertainties — like disease — are out of our control, we should not create new uncertainties where we can avoid it."

<a href="https://www.wionews.com/business-economy/puma-adidas-fear-impacts-of-covid-19-on-china-business-281590">Also read: Puma, Adidas fear impacts of COVID-19 on China business</a>

Finance ministers and central bankers from the top 20 advanced industrialized economies will gather in Riyadh, Saudi Arabia, this week, still uncertain about the impact of the coronavirus, known as COVID-19.

Despite the outbreak, the IMF said it was sticking to its January forecast for 3.3% growth in the global economy this year, up from 2.9% in 2019. It represents a downward revision of 0.1 percentage points from its forecast in October.

It said the recovery would be shallow and could be derailed by re-escalation of trade tensions or a further spread of the disease, which had already disrupted production in China and could affect other countries through tourism, supply chain linkages and commodity prices.

China has said it could still meet its economic growth target for 2020 despite the epidemic. Georgieva said the IMF expected only a small reduction in China's gross domestic product growth unless a protracted outbreak worsens the slowdown.

Even in the best-case scenarios, the projected rate of global growth was modest, she said, urging G20 policymakers to act to reduce trade tensions, mitigate climate change and tackle persistent inequality.

Cyber attacks, an escalation of geopolitical tensions in the Middle East or a breakdown in trade talks between China and the United States could impede the short-term global recovery, the IMF said. Climate-related disasters, protectionism and social and political unrest triggered by persistent inequality posed further economic risks.

In her blog, Georgieva said a Phase 1 trade deal between the United States and China eliminated some negative consequences of trade tensions, reducing the drag on global GDP by 0.2% in 2020, or about one quarter of the total impact.

But it left many tariffs in place and contained managed trade arrangements that could distort trade and investment while costing the global economy many billions of dollars, she said.

She also cited new IMF estimates that a typical climate-related natural disaster reduced growth by an average of 0.4 percentage points in the affected country the year it ocurred.

To respond, policymakers should focus on diversifying energy sources and investing in resilient infrastructure.

Georgieva said it was also critical to address persistently high income and wealth inequalities that she said could foment distrust in government contribute to social unrest.

Ministers could act this week by focusing on raising living standards and creating better-paying jobs through investments in high-quality education, research and digitalization, she said.

The coronavirus epidemic has already disrupted economic growth in China and a further spread to other countries could derail a "highly fragile" projected recovery in the global economy in 2020, the International Monetary Fund warned on Wednesday.

The coronavirus epidemic has already disrupted economic growth in China and a further spread to other countries could derail a "highly fragile" projected recovery in the global economy in 2020, the International Monetary Fund warned on Wednesday. In a note for G20 finance ministers and central bankers, the global lender mapped out many risks facing the global economy, including the disease and a renewed spike in US-China trade tensions, as well as climate-related disasters. Watch: Coronavirus - Tourists Disappear from Chinatown, business down × IMF Managing Director Kristalina Georgieva said the outbreak was a stark reminder of how unforeseen events could threaten a fragile recovery, and urged G20 policymakers to work to reduce other uncertainties linked to trade, climate change and inequality. "Uncertainty is becoming the new normal," Georgieva wrote in a blog posted on the IMF website. "While some uncertainties — like disease — are out of our control, we should not create new uncertainties where we can avoid it." Also read: Puma, Adidas fear impacts of COVID-19 on China business Finance ministers and central bankers from the top 20 advanced industrialized economies will gather in Riyadh, Saudi Arabia, this week, still uncertain about the impact of the coronavirus, known as COVID-19. Despite the outbreak, the IMF said it was sticking to its January forecast for 3.3% growth in the global economy this year, up from 2.9% in 2019. It represents a downward revision of 0.1 percentage points from its forecast in October. It said the recovery would be shallow and could be derailed by re-escalation of trade tensions or a further spread of the disease, which had already disrupted production in China and could affect other countries through tourism, supply chain linkages and commodity prices. China has said it could still meet its economic growth target for 2020 despite the epidemic. Georgieva said the IMF expected only a small reduction in China's gross domestic product growth unless a protracted outbreak worsens the slowdown. Even in the best-case scenarios, the projected rate of global growth was modest, she said, urging G20 policymakers to act to reduce trade tensions, mitigate climate change and tackle persistent inequality. Cyber attacks, an escalation of geopolitical tensions in the Middle East or a breakdown in trade talks between China and the United States could impede the short-term global recovery, the IMF said. Climate-related disasters, protectionism and social and political unrest triggered by persistent inequality posed further economic risks. In her blog, Georgieva said a Phase 1 trade deal between the United States and China eliminated some negative consequences of trade tensions, reducing the drag on global GDP by 0.2% in 2020, or about one quarter of the total impact. But it left many tariffs in place and contained managed trade arrangements that could distort trade and investment while costing the global economy many billions of dollars, she said. She also cited new IMF estimates that a typical climate-related natural disaster reduced growth by an average of 0.4 percentage points in the affected country the year it ocurred. To respond, policymakers should focus on diversifying energy sources and investing in resilient infrastructure. Georgieva said it was also critical to address persistently high income and wealth inequalities that she said could foment distrust in government contribute to social unrest. Ministers could act this week by focusing on raising living standards and creating better-paying jobs through investments in high-quality education, research and digitalization, she said.

Coronavirus poses risks to fragile recovery in global economy: IMF

IMF says covid-19 could damage the global economy. they also say its full impact will depend on how quickly it is contained.

Coronavirus Outbreak: Covid-19 creates panic in hong kong

The International Monetary Fund (IMF) on Monday lowered growth estimate for India to 4.8% for FY20, citing stress in the non-bank financial sector and weak rural income growth as the major factors for the downward revision.

IMF lowers India growth estimate to 4.8% for FY20

The International Monetary Fund has slashed its estimate on India’s 2019 economic growth to 5.8% from the 6.1% expansion it projected in October, citing a sharper-than-expected slowdown in local demand and stress in the non-bank financial sector.

WION Dispatch: IMF: 'Slowdown in India is a drag on world economy'

The IMF has cut the global growth forecast citing sharp slowdown in developing economies like India. IMF gives two reasons, poor health of NBFCs & rural economy. Meanwhile a study shows the widening income inequality in India. Take a look.

Gravitas: 63 Indian Billionaires Have More Money Than The 2019 Budget

WION Edit: How To Revive Economic Growth In India Many Prescriptions, But No Solutions To Ongoing Slowdown In Indian Economy. #Gravitas #WIONEdit #IMF #IndianEconomy

WION Edit: How To Revive Economic Growth In India

IMF Calls For Structural Reforms To Arrest The Economic Growth Slowdown In India. #Gravitas #IMF #IndianEconomy

Gravitas: India's Economic Slowdown: IMF Raises A Red Flag

Summarising The Challenges Faced By Indian Economy. #Gravitas #IMF #IndianEconomy

Gravitas: Indian Economy: The Pain Points

The Indian economy faces multiple challenges. From slow consumption to falling incomes and low wages.

Less than six months ago — the International Monetary Fund had predicted that the Indian economy will grow by 6.1 per cent this year. 
But — it's not the first time that the economists have got their prediction wrong.

In November — India's GDP growth rate fell to less than five per cent. India's growth rate has been slipping for five quarters now.

The economic data has some clues — that explain the slowdown in India.

The biggest problem seems to be the demand. Key sectors are reporting a drop in their sales.

In September — the auto sales saw their worst ever fall in 21 years.

There was some recovery in November — but there was an overall drop in domestic sales.

India's top consumer goods companies reported a drop in sales all through this year.

The real estate sector remains in a state of a slump.

The IMF has listed weak income growth as one of the reasons behind the slowdown.

India remains a low-middle income country. The average income of an Indian is a little over 10,000 rupees. That's far less than most of the developed powers in the world.

Job creation has also taken a hit

Last year — a government report said that India's unemployment rate was at a 45 year high.

Another assessment claims that India has lost nine million jobs in six years till 2018.

Access to easy credit has also dried up. This was triggered by the collapse of Infrastructure Leasing &amp; Financial Services Limited (IL&amp;FS). The sudden fall of this institution led to a chain reaction.

Access to cheap credit dried up. It had an impact on the operations of several businessmen.

India's state-run banks to have been struggling with non-performing assets.

The slowdown poses a significant challenge to the Modi government.&nbsp;

Even the global economy is in a crisis mode. The world economy is slowing down — and this could exacerbate the crisis in India.

The Indian economy faces multiple challenges. From slow consumption to falling incomes and low wages. Less than six months ago — the International Monetary Fund had predicted that the Indian economy will grow by 6.

The Indian economy faces multiple challenges. From slow consumption to falling incomes and low wages. Less than six months ago — the International Monetary Fund had predicted that the Indian economy will grow by 6.1 per cent this year. But — it's not the first time that the economists have got their prediction wrong. In November — India's GDP growth rate fell to less than five per cent. India's growth rate has been slipping for five quarters now. The economic data has some clues — that explain the slowdown in India. The biggest problem seems to be the demand. Key sectors are reporting a drop in their sales. In September — the auto sales saw their worst ever fall in 21 years. There was some recovery in November — but there was an overall drop in domestic sales. India's top consumer goods companies reported a drop in sales all through this year. The real estate sector remains in a state of a slump. The IMF has listed weak income growth as one of the reasons behind the slowdown. India remains a low-middle income country. The average income of an Indian is a little over 10,000 rupees. That's far less than most of the developed powers in the world. Job creation has also taken a hit Last year — a government report said that India's unemployment rate was at a 45 year high. Another assessment claims that India has lost nine million jobs in six years till 2018. Access to easy credit has also dried up. This was triggered by the collapse of Infrastructure Leasing & Financial Services Limited (IL&FS). The sudden fall of this institution led to a chain reaction. Access to cheap credit dried up. It had an impact on the operations of several businessmen. India's state-run banks to have been struggling with non-performing assets. The slowdown poses a significant challenge to the Modi government. Even the global economy is in a crisis mode. The world economy is slowing down — and this could exacerbate the crisis in India.

Decoding Indian economic slowdown: Slow consumption, falling income, low wages

India must take steps quickly to reverse the slowdown of an economy that has been one of the engines of global growth, the International Monetary Fund said Monday. #WION #IMF #EconomicSlowdown #India

IMF Calls For Urgent action by India amid economic Slowdown

Amidst a pronounced economic slowdown in <a href="https://www.wionews.com/business-economy/indian-shares-largely-flat-yes-bank-indiabulls-real-estate-rise-269903">India</a>, the <a href="&lt;div class=&quot;videoWrapper trancodeVideo&quot;&gt;&lt;iframe src=&quot;https://www.wionews.com/business-economy/imf-sidesteps-clash-with-us-over-funding-delays-shareholding-changes-to-2023-256885/embed&quot; width=&quot;560&quot; height=&quot;350&quot; style=&quot;width:100%;max-width:560px;&quot; class=&quot;includeVideo&quot; frameborder=&quot;0&quot; autoplay=1 allowfullscreen&gt;&lt;/iframe&gt;&lt;/div&gt;">International Monetary Fund (IMF)</a> issued a warning today calling for immediate action to fix the slowdown. According to IMF, ''urgent policy actions'' are required to reverse the slowdown.

In its annual review, the IMF blamed slowing consumption and investment for crippling the country's GDP growth. The effects are more pronounced because of falling tax revenue, considering India was one of the fastest-growing economies in the world just last year.&nbsp;

According to the report, more efforts by the Indian government are needed to fix the slowdown.

For long, the IMF has maintained a macroeconomic outlook on India which has become more subdued in recent years.

Watch:&nbsp;IMF -&nbsp;India now in midst of major economic slowdown, needs urgent action

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/imf-india-now-in-midst-of-major-economic-slowdown-needs-urgent-action-269964/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The report stressed the importance of long-term remedies but also said that growth has been strong in recent years. However, growth has not led to job creation and low food prices, which is contributing to rural distress.

Earlier in October, the IMF had slashed its forecast for Indian GDP's growth by nearly a full point to 6.1 per cent pertaining to the financial year 2019-20.

Additionally, <a href="https://www.wionews.com/world/lebanon-pm-asks-world-bank-imf-help-with-economic-rescue-plan-267959">the organisation</a> has projected inflation to remain at around 3.4 per cent, with effects of less demand set to become pronounced over the next few months.

Food prices have increased in the country lately, pushing the retail inflation rate in November to a three-year high of 5.54 per cent.

The industrial sector output shrank for the third month in a row in October by 3.8 per cent, further indicating a slowdown in the economy.&nbsp;

Even then, India's fiscal deficit has already crossed 7 trillion Rupees, surpassing the annual target in seven months.&nbsp;

The Reserve Bank of India recently tried to contain the slowdown by cutting the key lending rate five times this year to a nine-year low. However, the policy was kept unchanged in a key meeting earlier this month.

Amidst a pronounced economic slowdown in India, the International Monetary Fund (IMF) issued a warning today calling for immediate action to fix the slowdown. According to IMF, ''urgent policy actions'' are required to reverse the slowdown.

Amidst a pronounced economic slowdown in India, the International Monetary Fund (IMF) issued a warning today calling for immediate action to fix the slowdown. According to IMF, ''urgent policy actions'' are required to reverse the slowdown. In its annual review, the IMF blamed slowing consumption and investment for crippling the country's GDP growth. The effects are more pronounced because of falling tax revenue, considering India was one of the fastest-growing economies in the world just last year. According to the report, more efforts by the Indian government are needed to fix the slowdown. For long, the IMF has maintained a macroeconomic outlook on India which has become more subdued in recent years. Watch: IMF - India now in midst of major economic slowdown, needs urgent action The report stressed the importance of long-term remedies but also said that growth has been strong in recent years. However, growth has not led to job creation and low food prices, which is contributing to rural distress. Earlier in October, the IMF had slashed its forecast for Indian GDP's growth by nearly a full point to 6.1 per cent pertaining to the financial year 2019-20. Additionally, the organisation has projected inflation to remain at around 3.4 per cent, with effects of less demand set to become pronounced over the next few months. Food prices have increased in the country lately, pushing the retail inflation rate in November to a three-year high of 5.54 per cent. The industrial sector output shrank for the third month in a row in October by 3.8 per cent, further indicating a slowdown in the economy. Even then, India's fiscal deficit has already crossed 7 trillion Rupees, surpassing the annual target in seven months. The Reserve Bank of India recently tried to contain the slowdown by cutting the key lending rate five times this year to a nine-year low. However, the policy was kept unchanged in a key meeting earlier this month.

Indian economic slowdown: International Monetary Fund calls for 'urgent' action

At a time when India's economy is suffering from an acute slowdown, the International Monetary Fund (IMF) has issued a warning and said the current downturn can only be reversed through "urgent" policy actions. IMF in its annual review said declining consumption and investment accompanied by falling tax revenue have arrested India's GDP growth, which was one of the fastest in the world just a year ago. #IndiaGDP #IMF #India #IndiaGDPGrowth

IMF: India now in midst of major economic slowdown, needs urgent action

Lebanon's caretaker prime minister Thursday asked international funding bodies for support in drawing up an emergency rescue plan for his protest-wracked country.

Donors including the World Bank and the International Monetary Fund on Wednesday rebuffed a plea for financial aid pending the rapid formation of a new government to implement key economic reforms.

Caretaker premier Saad Hariri on Thursday made phone calls to World Bank president David Malpass and IMF managing director Kristalina Georgieva, his office said.

"Hariri stressed his commitment to preparing an urgent rescue plan to resolve the crisis while waiting for the formation of a new cabinet able to implement it," it said in a statement.

"He discussed with both the technical support the Work Bank and IMF could provide in drawing up this plan," it added.

Lebanon has been rocked by unprecedented popular protests since October 17 over official mismanagement and corruption demonstrators blame for a deteriorating economy.

In a country where the local currency is pegged to the US dollar and used in everyday transactions, banks have gradually restricted greenback withdrawals, causing a dollar liquidity crisis that has made imports increasingly difficult and expensive.

Hariri also spoke to the president of the World Bank about "the possibility of the bank... increasing its contribution to funding international trade to Lebanon" to help importers bring in essential goods.

Lebanon has been without a cabinet since Hariri stepped down on October 29, with a bitterly divided political class unable to agree on a new premier ever since.

Protesters have demanded a new government composed entirely of independent experts, but analysts say this may be a tall order.

Parliamentary consultations are expected to start towards naming a new prime minister on Monday after the Sunni Muslim religious establishment rejected an alternative candidate for premier and threw its support behind Hariri.

Growth in Lebanon has plummeted in the wake of endless political deadlock in recent years, compounded by the 2011 breakout of civil war in neighbouring Syria.

A recession of more than 0.2 per cent is expected for this year, the World Bank says.

On Thursday, rating agency Fitch also bumped Lebanon down to "CC" from "CCC", after an initial downgrade in August.

"The downgrade of Lebanon's ratings reflects Fitch's view that a government debt restructuring or default is probably owing to acute political uncertainty, de facto capital controls and damaged confidence in the banking sector," it said in a statement.

Lebanon's caretaker prime minister Thursday asked international funding bodies for support in drawing up an emergency rescue plan for his protest-wracked country.

Lebanon's caretaker prime minister Thursday asked international funding bodies for support in drawing up an emergency rescue plan for his protest-wracked country. Donors including the World Bank and the International Monetary Fund on Wednesday rebuffed a plea for financial aid pending the rapid formation of a new government to implement key economic reforms. Caretaker premier Saad Hariri on Thursday made phone calls to World Bank president David Malpass and IMF managing director Kristalina Georgieva, his office said. "Hariri stressed his commitment to preparing an urgent rescue plan to resolve the crisis while waiting for the formation of a new cabinet able to implement it," it said in a statement. "He discussed with both the technical support the Work Bank and IMF could provide in drawing up this plan," it added. Lebanon has been rocked by unprecedented popular protests since October 17 over official mismanagement and corruption demonstrators blame for a deteriorating economy. In a country where the local currency is pegged to the US dollar and used in everyday transactions, banks have gradually restricted greenback withdrawals, causing a dollar liquidity crisis that has made imports increasingly difficult and expensive. Hariri also spoke to the president of the World Bank about "the possibility of the bank... increasing its contribution to funding international trade to Lebanon" to help importers bring in essential goods. Lebanon has been without a cabinet since Hariri stepped down on October 29, with a bitterly divided political class unable to agree on a new premier ever since. Protesters have demanded a new government composed entirely of independent experts, but analysts say this may be a tall order. Parliamentary consultations are expected to start towards naming a new prime minister on Monday after the Sunni Muslim religious establishment rejected an alternative candidate for premier and threw its support behind Hariri. Growth in Lebanon has plummeted in the wake of endless political deadlock in recent years, compounded by the 2011 breakout of civil war in neighbouring Syria. A recession of more than 0.2 per cent is expected for this year, the World Bank says. On Thursday, rating agency Fitch also bumped Lebanon down to "CC" from "CCC", after an initial downgrade in August. "The downgrade of Lebanon's ratings reflects Fitch's view that a government debt restructuring or default is probably owing to acute political uncertainty, de facto capital controls and damaged confidence in the banking sector," it said in a statement.

Lebanon PM asks World Bank, IMF help with economic rescue plan

The number of&nbsp;Egyptians&nbsp;switching to&nbsp;duel-fuel&nbsp;vehicles&nbsp;is accelerating as the government pushes motorists to use cheaper, cleaner and plentiful natural gas.

About 300,000&nbsp;vehicles, mostly taxis and minibuses, have been&nbsp;converted to&nbsp;duel-fuel&nbsp;systems since the 1990s,&nbsp;a small fraction of the 11 million&nbsp;vehicles&nbsp;licensed in the country.

But authorities are encouraging&nbsp;more&nbsp;drivers to switch by subsidising vehicle conversions, keeping compressed natural gas (CNG)&nbsp;prices&nbsp;low, and building CNG&nbsp;fuelling stations and conversion plants.

Nearly 32,000&nbsp;vehicles&nbsp;were&nbsp;converted during the financial year from July 2018 to June 2019, two&nbsp;petroleum ministry officials said. The target for this financial year is 50,000&nbsp;vehicles. That compares with just 6,000 conversions in 2015/16.

Officials say the number of private cars&nbsp;converting is rising. They hope this will soften the blow of&nbsp;petrol&nbsp;price hikes after recent subsidy removals, as well as reducing pollution and cutting the import bill for liquid&nbsp;fuels.

Egyptians&nbsp;have seen steep increases to&nbsp;fuel&nbsp;prices&nbsp;since 2014, with most energy&nbsp;prices&nbsp;brought up to international levels under a three-year, IMF-backed reform plan completed this year.

But gas has remained cheap compared with liquid&nbsp;fuels.

One cubic metre of CNG costs 3.5 Egyptian pounds, roughly the equivalent of one litre of diesel at 6.75 pounds or one litre of 80-octane&nbsp;petrol&nbsp;at 6.5 pounds.

"The ministry of&nbsp;petroleum has maintained an appropriate price so that natural gas always stays at 50 per cent&nbsp;of the 80-octane&nbsp;petrol&nbsp;(price), which encouraged drivers to turn to conversion," said Abdelfattah Moustafa Farahat, head of Egyptian International Gas Technology GASTEC.

Private cars now make up 30 per cent&nbsp;of conversions, Farahat said.

Officials say a boom in natural gas production and exploration since the discovery of the giant offshore Zohr gas field in 2015 spurred them to act. Egypt became self-sufficient in natural gas in late 2018.

"The discovery of Zohr field and achieving self-sufficiency in natural gas have encouraged the state to think: why don't we use this gas as a domestic&nbsp;fuel&nbsp;and work to expand its use," said ‭‭‭‭Ayman Shalaby, assistant vice chairman at the Egyptian Natural Gas Holding Company (EGAS).

GASTEC is one of two state-run companies, along with the Natural Gas&nbsp;Vehicles&nbsp;Company (Car Gas), that dominate the sector. Private and foreign companies have also entered the market in the past few years.

GASTEC plans to set up 54 new&nbsp;duel-fuel&nbsp;stations with CNG over the next three years, in partnership with Italy's Eni, as well as building&nbsp;more&nbsp;fuelling stations for public buses, Farahat said. Currently, Egypt has 187 CNG&nbsp;fuelling stations and 72 conversion centres.

The government also has a plan for minibuses, a common form of cheap transport across Egypt. Under the scheme, 142,000 minibuses would be&nbsp;converted and another 88,000 old diesel minibuses replaced with biofuel&nbsp;equivalents over the next three years, while&nbsp;more&nbsp;than 350&nbsp;fuelling stations would be built.

Motorists gave the&nbsp;duel-fuel&nbsp;system mixed reviews. Some praised cost savings on&nbsp;fuel but complained of reduced power or luggage space.

Officials say conversions are preceded by technical checks and the cylinder size and shape can be adapted to the vehicle.

The government is subsidising and providing low-interest instalment plans for conversion systems, which cost 5,000-7,500 pounds, as well as encouraging assembly plants and importers to provide&nbsp;vehicles&nbsp;with built-in systems.

The number of Egyptians switching to duel-fuel vehicles is accelerating as the government pushes motorists to use cheaper, cleaner and plentiful natural gas. About 300,000 vehicles, mostly taxis and minibuses, have been converted to duel-fuel systems since the 1990s, a small fraction of the 11 million vehicles licensed in the country.

The number of Egyptians switching to duel-fuel vehicles is accelerating as the government pushes motorists to use cheaper, cleaner and plentiful natural gas. About 300,000 vehicles, mostly taxis and minibuses, have been converted to duel-fuel systems since the 1990s, a small fraction of the 11 million vehicles licensed in the country. But authorities are encouraging more drivers to switch by subsidising vehicle conversions, keeping compressed natural gas (CNG) prices low, and building CNG fuelling stations and conversion plants. Nearly 32,000 vehicles were converted during the financial year from July 2018 to June 2019, two petroleum ministry officials said. The target for this financial year is 50,000 vehicles. That compares with just 6,000 conversions in 2015/16. Officials say the number of private cars converting is rising. They hope this will soften the blow of petrol price hikes after recent subsidy removals, as well as reducing pollution and cutting the import bill for liquid fuels. Egyptians have seen steep increases to fuel prices since 2014, with most energy prices brought up to international levels under a three-year, IMF-backed reform plan completed this year. But gas has remained cheap compared with liquid fuels. One cubic metre of CNG costs 3.5 Egyptian pounds, roughly the equivalent of one litre of diesel at 6.75 pounds or one litre of 80-octane petrol at 6.5 pounds. "The ministry of petroleum has maintained an appropriate price so that natural gas always stays at 50 per cent of the 80-octane petrol (price), which encouraged drivers to turn to conversion," said Abdelfattah Moustafa Farahat, head of Egyptian International Gas Technology GASTEC. Private cars now make up 30 per cent of conversions, Farahat said. Officials say a boom in natural gas production and exploration since the discovery of the giant offshore Zohr gas field in 2015 spurred them to act. Egypt became self-sufficient in natural gas in late 2018. "The discovery of Zohr field and achieving self-sufficiency in natural gas have encouraged the state to think: why don't we use this gas as a domestic fuel and work to expand its use," said ‭‭‭‭Ayman Shalaby, assistant vice chairman at the Egyptian Natural Gas Holding Company (EGAS). GASTEC is one of two state-run companies, along with the Natural Gas Vehicles Company (Car Gas), that dominate the sector. Private and foreign companies have also entered the market in the past few years. GASTEC plans to set up 54 new duel-fuel stations with CNG over the next three years, in partnership with Italy's Eni, as well as building more fuelling stations for public buses, Farahat said. Currently, Egypt has 187 CNG fuelling stations and 72 conversion centres. The government also has a plan for minibuses, a common form of cheap transport across Egypt. Under the scheme, 142,000 minibuses would be converted and another 88,000 old diesel minibuses replaced with biofuel equivalents over the next three years, while more than 350 fuelling stations would be built. Motorists gave the duel-fuel system mixed reviews. Some praised cost savings on fuel but complained of reduced power or luggage space. Officials say conversions are preceded by technical checks and the cylinder size and shape can be adapted to the vehicle. The government is subsidising and providing low-interest instalment plans for conversion systems, which cost 5,000-7,500 pounds, as well as encouraging assembly plants and importers to provide vehicles with built-in systems.

As petrol prices rise, more Egyptians convert to duel-fuel vehicles

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