#NewstimesNewsHour: IMF MD says India is facing the most pronounced impact of "Global Recession"

SUKIRTI MISHRA 09/10/2019 12:49:38

Washington. Kristalina Georgieva, the new Managing Director of the Global financial institution, International Monetary Fund Wednesday stated that although
"simultaneous recession" is dominating the world economy and almost every country in the World has been facing economic issues, yet the
most pronounced impact of economic recession was observed in the fast emerging economy like India. 


"Simulateneous recession" dominating World economy
Kristalina further mentioned that during 2019-20, the worldwide recession will result in the lowest growth of the decade and 90% of the world
will suffer from low growth rate. "The world economy was globally inching towards growth 2 years before and 75% of the world was
developing. But the world economy is now suffering from simultaneous recession," asserted Kristalina in her first speech as IMF MD. 


Euro economies are also recession victim
Kristalina further stated, "Although unemployment has reached its historical lowest level in America and Germany, yet the developed economies
of US, Germany and primarily Euro economies are being marked by economic recession. Developing market economies like India and Brazil
have been the most prominent victims of recession."



Kristalina Georgieva became IMF MD this month
Notably, Kristalina Georgieva succeeded Christine Lagarde as IMF MD this month. Georgieva emphasised in her speech that currencies have
once again become of utmost importance. She said that due to reduction in the possibilities of domestic demands, the IMF has set India's
growth rate at 7% for 2019-20.  







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