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Global economy forecast to grow by 2.3 pc in 2015: Fitch
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SME Times News Bureau | 07 Oct, 2015
The global economy will grow by just 2.3 percent in 2015, the weakest
since the global financial crisis in 2009, dragged down by a recession
in Brazil and Russia and a structural slowdown in China and many
emerging markets, said a Fitch Ratings forecast.
"We forecast a
pickup to 2.7 percent in 2016 and 2017 as growth recovers somewhat in
emerging markets. Growth in major advanced economies (MAEs) is forecast
to strengthen to 2 percent in 2016, the fastest since 2011," said the
latest Global Economic Outlook (GEO) released by Fitch.
Fitch's global growth forecast has weakened marginally since June's GEO, due entirely to emerging markets revisions.
The
report stated India takes over as the fastest growing BRIC (Brazil,
Russia, India and China) nation this year with 7.5 percent GDP growth,
accelerating to 8 percent in 2016 driven by structural reforms and
higher investment.
The current deep recession in Russia and
Brazil (-4 percent and -3 percent in 2015 respectively) will be
followed by only a weak recovery starting in 2016 in Russia (0.5
percent) and only in 2017 in Brazil (1.2 percent).
The emerging
markets are becoming an increasing source of global growth risks as the
collapse in commodity prices and political shocks exacerbate a secular
slowdown, the report said.
"Our baseline forecast for China is a
gradual slowdown to 6.3 percent in 2016 and 5.5 percent in 2017, from
6.8 percent in 2015. Although investment is slowing sharply, growth
continues to be supported by robust consumption and policy easing.
However, there are downside risks from the real estate sector, capital
flows, and policy settings," the report added.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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