Effects of global slowdown more pronounced in India: IMF chief

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News:The International Monetary Fund(IMF) President has said that the world economy is experiencing a synchronized slowdown and emerging economies such as India and Brazil are the most affected by the slowdown.

Facts:

  • The IMF chief said that she expects slower growth in nearly 90% of the world this year.
  • She said that trade tensions had substantially weakened the manufacturing and investment activities worldwide.
  • The services and consumption could soon be affected as global trade growth has come to a near standstill.
  • Further,she said that the trade conflicts could impact around $700 billion reduction in global gross domestic product (GDP) output by 2020 or around 0.8%.

Additional information:

International Monetary Fund

  • The International Monetary Fund (IMF) is an organization of 189 countries. It was established in 1945.
  • The main goal of IMF is to ensure the stability of the international monetary system. 
  • It also seeks to facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.