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Global economy on strong cyclical recovery: IMF (Lead)
By Bhavana Akella
Hong Kong, Jan 15 (IANS) The global economy is getting stronger from cyclical recovery pointing to faster growth across regions, said a senior IMF official here on Monday.
“The cyclical recovery in the global economy is going from strength to strength. The signs point to faster growth across all regions,” International Monetary Fund’s (IMF) First Deputy Managing Director David Lipton said at the Asian Financial Forum.
Addressing the Forum’s 11th edition, he also said that India was reclaiming its place as a growth leader.
“India is reclaiming its place as a growth leader after a short slowdown,” Lipton told about 3,000 delegates from the world over participating in the two-day event, being held at the Hong Kong Convention Centre in the downtown.
Announcing that the multi-lateral lending agency IMF would give its world economic outlook for 2018 next week, he said the global economy was in a late stage of recovery from the global financial crisis of 2008.
“With economic slack in advanced economies diminishing, it is not clear how long the good news will continue.
“Now is the time to address vulnerabilities and structural issues that could impede sustained growth, and to take steps to enable stronger growth once cyclical growth is no longer driving the economy,” he said.
The “sun is shining” on the global economy with rising investments and consumer demand, he said.
Investments are lifting world trade at a rate above the Gross Domestic Product (GDP) growth, the IMF official noted.
With the economies in the US and Europe rebounding, unemployment in many developed countries is reducing, added Lipton.
“Asia contributes two-thirds of global growth. With strong consumption and investment, rising exports and steady capital inflows, the outlook for the region remains bright,” he said.
According to IMF, China alone contributes to a third of the global growth.
“China is a key trading partner for over 100 countries that represent 80 per cent of the global GDP,” said Lipton.
But, the global economy also faces the challenge of rising geopolitical tensions amid countries, he warned.
“Wage growth remains weak in many advanced economies, and productivity growth is lagging,” he said.
A “significant” portion of the global economy was not participating in the recovery, with several oil exporters seeing low prices even as their economies rebound, said Lipton.
IMF’s projections foresee that over 40 countries including some major emerging market countries would grow more slowly than advanced countries.
“Some developing countries also seem likely to face difficulties from the burden of rising indebtedness,” Lipton said.
Lipton is one of the keynote speakers at the annual financial summit that is being attended by at least 100 speakers from the global financial community, and about 3,000 delegates attending from nearly 50 countries like China, Hong Kong and the US.
(Bhavana Akella is in Hong Kong at the invitation of Hong Kong Trade Development Council. She can be contacted at [email protected])
–IANS
bha/vd
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
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