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UK invites PM Modi as a guest for G7 summit

UK Prime Minister Boris Johnson has also reportedly said that he will visit India ahead of the G7 summit.
The Economic Times
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| 17 January, 2021, 03:16 PM IST | E-Paper
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    GLOBAL ECONOMY

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    • In October, the Fund forecast a 4.4% global GDP contraction for 2020, followed by a rebound to growth of 5.2% for 2021.

      It also reviewed the activities of various technical groups under its purview and the functioning of State Level Coordination Committees (SLCCs) in various states and Union Territories.

      World Bank Chief Economist Carmen Reinhart said increasing debt distress in many of those countries meant that China, now the world's largest official creditor, would need to start restructuring the debt it is owed.

      "What is true as of now is that we're starting out the year at a somewhat stronger point than we had expected in 2020, which is a good thing" Gita Gopinath told CNBC. "But right now, it's a race between the virus and the vaccines and until we get past this, I think this is a pretty difficult period at this time."

      The shift to sustainable production techniques requires stronger political willpower. But a failure to do so will have graver repercussions than the pandemic. And like economic inequality, it will have implications that are far-reaching and menacing. Hopefully, the latest economic shock nudges the world into the right direction.

      Apart from a few weeks culminating in the 2020 market lows of March 23, stocks managed to shrug off what has been a drastic collapse in global economic activity with significant immediate and longer-term consequences.

      The market is always about what will happen rather than what has happened, and it’s been highly profitable in recent years to buy whenever the market pulls back.

      The benefits that climate-friendly policies have yielded in some countries in the form of cleaner air, improved energy security, new job opportunities and competitive advantage have led more countries to consider the transition to a lowcarbon economy.

      "When I looked at China I was a bit surprised. A lot of people said in April that a lot of economies would have a V shaped recovery. Our results show an inverse square root recovery, like a U shaped recovery. China is extremely important to other emergent Asian economies. Why is China different? There are three elements to it."

      The electronics industry is enjoying particularly strong demand, helping to propel North Asia’s factories. South Korea’s semiconductors shipments surged 16% in November.

      The global economy will grow 4.2% next year and ease to 3.7% in 2022, after shrinking 4.2% this year, the Organisation for Economic Cooperation and Development said in its latest Economic Outlook.

      Digital economy is a concept that often defies traditional concepts and prototypes, overrides traditional edicts of taxation and is very often viewed suspiciously by tax authorities.

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