World
IMF chief warns of risk looming in global economic growth
Washington: International Monetary Fund (IMF) managing director Christine Lagarde said the global economy is approaching closer to a “new mediocre” scenario — the risk of low growth for a long time.
In the curtain-raising speech on Wednesday for the IMF-World Bank annual meetings, Lagarde expected that global growth will likely be weaker this year than last, with only a modest acceleration expected in 2016, given the disappointing and uneven growth of the world economy, as per reported.
The IMF is expected to downgrade its outlook for the global economy in its flag-ship report World Economic Outlook, which will be released at the annual meetings in Peru next week.
In July, the IMF cut its forecast for the global growth this year by 0.2 percentage point to 3.3 percent and expected the global economy to grow 3.8 percent next year.
According to Lagarde, the advanced economies will see modest pickup in growth, while the emerging economies are likely to see their growth rates falling for the fifth consecutive year.
The IMF chief said that the prospect of rising interest rates in the US and the slowdown of China’s economy are contributing to uncertainty and higher market volatility and are heavily affecting the global economic outlook.
She called on commodity exporters to prepare for a prolonged period of low commodity prices in view of China rebalancing from commodity-intensive investment driven model to consumption and service-focused growth.
As the US Federal Reserve is poised to raise interest rates for the first time in nine years, economies, especially emerging economies, would need to improve their capacity to buffer shocks and enhance the monitoring of foreign currency exposures of major companies, said Lagarde.
Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.
The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.
Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.
Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.
For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.
During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.
Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.
Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .
Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.
In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.
During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.
In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.
He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.
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