IMF slashes China's 2012 growth estimate to 8.25%

   Feb 7, 12:42 pm

Beijing, Feb 7(ANI): The International Monetary Fund (IMF) has scaled down its forecast for China's 2012 economic growth from nine percent to 8.25 percent and warned that exports would be a significant drag on expansion in the upcoming two years.

The IMF has downgraded the prospects for global economic growth in 2012 to 3.25 percent from four percent because the Eurozone economy is expected to plunge into a recession this year.

"The risks to China from Europe are large and tangible," Murtaza Syed, resident representative of the IMF's Beijing office, said.

The IMF also predicted that China's economic growth could fall by four percent if the euro area experiences the downside scenario, which would see global growth falling by 1.75 percentage points.

But even in this worst-case scenario, China has room for a countervailing fiscal response, Syed said.

He said modest fiscal support to the economy is warranted taking into account uncertain global scenario. (ANI)

Sensex, Nifty post best gain in nearly three months following better monsoon forecast May 25, 9:31 pm
Mumbai, May.25 (ANI): Shares jumped by more than two per cent on Wednesday to post their best gain in nearly three months, as companies with big rural sales rose after a private weather forecaster predicted more monsoon rains than initially estimated.
Full Story
E-mail based tax assessment facility extended to two more cities May 25, 7:21 pm
New Delhi, May.25 (ANI): Paperless/e-mail based assessment of tax, which was launched on a pilot basis for the financial year 2015-16 in five cities, has now been extended in two more cities.
Full Story
MobiKwik launches 'Cash Pick Up' services in Jaipur May 25, 6:52 pm
New Delhi, May 25 (ANI): MobiKwik, India's largest independent mobile payments network and the only mobile wallet to offer cash loading services has announced tremendous growth of its 'Cash Pick Up' services at the rate of 75 percent month-on-month since its launch in October last year.
Full Story
FICCI comments on post-facto Cabinet Approval of National Capital Goods Policy May 25, 6:40 pm
New Delhi, May 25 (ANI): Congratulating the Department of Heavy Industry for coming out with the first National Capital Goods Policy, Harshavardhan Neotia, President, FICCI, said "We are happy to see the roadmap for the Capital Goods sector in India and its recognition as a strategic sector. India has the potential to be the net exporter of capital goods as against the net importer currently.National Capital Goods Policy is definitely the need of the hour, which will provide the much needed impetus to the sector and will go a long way in achieving the objectives of Make in India". (ANI)^
Full Story
Comments