World Economic Situation and Prospects (WESP) 2017
Although a modest global recovery is projected for 2017-18, the world economy has not yet emerged from the period of slow growth, characterised by weak investment, dwindling trade and flagging productivity growth, according to the United Nations World Economic Situation and Prospects (WESP) 2017 report launched today.
According to the report, the moderate improvement expected for 2017/18 is more an indication of economic stabilization than a signal of a robust and sustained revival of global demand. As commodity prices trend higher, commodity-exporting economies are likely to see some recovery in growth.
Developing countries continue to be the main drivers of global growth, accounting for about 60 per cent of the world’s gross product growth in 2016-18. East and South Asia remain the world’s most dynamic regions, benefiting from robust domestic demand and supportive macroeconomic policies.
The report projects that growth in the developed economies will slightly improve in 2017, but headwinds arising from weak investment and policy uncertainty continue to constrain economic activity.
GDP growth in the least developed countries (LDCs) is projected to remain well below the Sustainable Development Goals (SDGs) target of at least 7 per cent. This represents a key issue to address if the SDGs overall are to be attained. The report notes, specifically, that under the current growth trajectory and assuming no decline in income inequality, nearly 35 per cent of the population in LDCs may remain in extreme poverty by 2030.
Weak investment and productivity growth
The report identifies prolonged weak investment as a major cause of the slowdown in global growth. Many economies have experienced a marked downturn in private and public investment in recent years, particularly in the oil and extractive industries. In commodity-exporting countries, Governments have curtailed much-needed public investment in infrastructure and social services, in response to sharp revenue losses. At the same time, labour productivity growth has slowed markedly in most developed economies and in many large developing and transition economies.
The report identifies prolonged weak investment as a major cause of the slowdown in global growth. Many economies have experienced a marked downturn in private and public investment in recent years, particularly in the oil and extractive industries. In commodity-exporting countries, Governments have curtailed much-needed public investment in infrastructure and social services, in response to sharp revenue losses. At the same time, labour productivity growth has slowed markedly in most developed economies and in many large developing and transition economies.
The report stresses the importance of investment in new capital as a driver of technological change and efficiency gains. In particular, it concludes that investment in key areas, such as research and development, education and infrastructure, can serve to promote social and environmental progress, while also supporting productivity growth.
Environmental sustainability
The report highlights some positive developments related to environmental sustainability. The level of global carbon emissions has stalled for two consecutive years. This reflects the declining energy intensity of economic activities and the rising share of renewables in the overall energy structure, but also slower economic growth in some major emitters.
The report highlights some positive developments related to environmental sustainability. The level of global carbon emissions has stalled for two consecutive years. This reflects the declining energy intensity of economic activities and the rising share of renewables in the overall energy structure, but also slower economic growth in some major emitters.
The report found that renewable energy investment in the developing countries exceeded that of the developed countries in 2015. However, the report also warns that without concerted policy efforts from both the public and private sector, the recent improvements in emissions mitigation could easily reverse.
Risks and policy challenges
The report cautions that the global outlook faces significant uncertainties and risks. A high degree of uncertainty is identified in the international policy environment and elevated foreign currency-denominated debt levels as key downside risks that may derail the already modest global growth prospects.
The report cautions that the global outlook faces significant uncertainties and risks. A high degree of uncertainty is identified in the international policy environment and elevated foreign currency-denominated debt levels as key downside risks that may derail the already modest global growth prospects.
Given the close linkages between demand, investment, trade and productivity, the extended episode of weak global growth may prove self-perpetuating in the absence of concerted policy efforts to revive investment and foster a recovery in productivity. The report notes that many countries continue to depend excessively on monetary policy to support growth.
In the context of a challenging economic and financial environment, a more balanced policy approach is required to not only restore a healthy medium-term growth trajectory, but also to achieve greater progress on sustainable development.
The global economy needs policy measures that move beyond demand management. These measures need to be fully integrated with structural reforms that target the various aspects of sustainable development, including poverty, inequality and climate change.
The report also calls for greater international policy cooperation and coordination, particularly in the areas of trade and investment. Deeper international cooperation is also needed to expedite clean technology transfer, raise climate finance, strengthen international tax cooperation and address the challenges posed by large movements of refugees and migrants.
About the report: The World Economic Situation and Prospects report is the UN’s flagship publication on expected trends in the global economy. WESP is produced annually by the UN Department of Economic and Social Affairs (DESA), the UN Conference on Trade and Development (UNCTAD), the five UN regional commissions and the World Tourism Organisation (UNWTO)
Pak push FTA with Japan
As per reports of World Economic Situation and Prospects 2017 Pakistan growth is surging nearly five percent. South Asia’s economic outlook remains favourable, with most countries benefiting from low oil prices. Regional GDP growth is expected to accelerate from 6.1 per cent in 2015 to 6.6 and 6.8 per cent in 2016 and 2017, respectively, owing to robust private consumption, strengthening investment demand and gradual progress on domestic policy reforms. Inflation is projected to remain relatively tame, reflecting subdued commodity prices and lower pressures from supply-side bottlenecks. This has increased monetary policy space, with prospects for further easing in some economies, including India. In contrast, fiscal policies remain tight or under consolidation in most countries, and deficits will remain relatively high, particularly in Bangladesh, Pakistan and Sri Lanka. Overall, the positive outlook will enable further gradual progress on poverty reduction.
Prime Minister Nawaz Sharif on Wednesday met Japanese Ambassador Takashi Kurai and called for initiation of negotiations on the bilateral Free Trade Agreement.
The PM met with the Japanese ambassador at the PM House today.
Prime Minister Nawaz Sharif on Wednesday met Japanese Ambassador Takashi Kurai and called for initiation of negotiations on the bilateral Free Trade Agreement.
The PM met with the Japanese ambassador at the PM House today.
PM Nawaz said Japan may also consider a three to four-year exception for Pakistani textiles under its Temporary Tariff Measures to bring Pakistan at par with its competitors, which enjoy free access to the Japanese market.
Pakistan considers Japan a close friend and reliable economic partner, said the PM.
He said law and order situation in the country has significantly improved and expressed hope Japan would consider Pakistan’s inclusion in its travel advisory list.
Pakistan looked forward to greater levels of cooperation with Japan in trade investment infrastructure and energy, he further said to the Japanese ambassador.
The Japanese ambassador said Japan gives importance to investment, security, infrastructure and business friendly environment.The Ambassador of Japan also appreciated Pakistan’s economic growth.Geo News
Invite-Press Conference of 2nd T20 World Cup Cricket for the Blind
MEDIA INVITATION
Cricket Association for the Blind in India (CABI)
Invites you for
PRESS CONFERENCE
On
2nd T20 World Cup Cricket for the Blind 2017Inauguration, Preparations, Schedules
And
Launch of T20 World Cup Cricket for the Blind Anthem
By
Mr. Mahantesh GK
President, CABI
Mr. Mahantesh GK
President, CABI
Mr. John David E
Secretary, CABI
Secretary, CABI
Mr. Patrick Rajkumar
Coach, Indian Blind Cricket Team
Coach, Indian Blind Cricket Team
Mr. I Ajay Kumar Reddy
Captain, Indian Blind Cricket Team
Captain, Indian Blind Cricket Team
Date: 27 January, 2017, Friday
Time: 12:15 pm
Venue: Press Club Of India,
1, Raisina Road, New Delhi, Delhi 110001
Indo UAE trade cooperation
The cooperation between UAE and India, in trade and health care, Dr Azad Moopen, Chairman and Managing Director, Aster DM Healthcare said, ”The relationship between both countries is transformational as it expands collaboration in several areas beyond the traditional areas like oil and diaspora working conditions. This will help unlock the potential to increase trade significantly. Both the countries have complementary strengths that could be leveraged effectively.” “It is the right time to start an open sky policy between UAE and India which already has nearly 1000 weekly flights between many destinations. Freeing this up by open sky policy will increases the number of flights and thus reduce the cost of travel especially for the migrant population significantly. I also suggest the bold step to look at the possibility of association of UAE in the management of Air India to improve its efficiency and profitability. With the hugely successful international carriers like Emirates and Ethihad having its home in UAE, this will be a win- win situation for everyone.” Dr. Moopen also pointed out that, “there is significant scope for development of Health Tourism potential of India, especially with GCC countries While India had been traditionally the destination for treatment for many GCC countries, Bombay, Meerut, Hyderabad etc. used to be first place of choice for most in UAE earlier. Unfortunately, this has come down significantly in the last 25 years and many due to of them travel to Western countries or the Far East countries nowadays. “ “This can be reversed by adopting proper policies and protocols. Important areas to focus are 1. Promote India as a destination for quality healthcare at affordable cost. 2. Ease the health visa issuance on arrival or in the country of origin through e Visa. 3. Highlight the capabilities of the Indian doctors and showcase the safety and quality attained through showcasing JCI and NABH accreditations. 4. Highlight the cost advantage of treatment in India where we can offer most advanced and special treatments at 1/3rd to 1/5th of the cost in Far East and Western countries. 5. Highlight India as a destination for Holistic Healthcare through all the embassies and Consulates through AYUSH – Ayurveda, Yoga, Unani, Siddha &Homeo. This will have very good acceptance in GCC.
Animal rights groups challenge new TN law on Jallikattu in SC
Supreme Court today agreed to hear on Monday the pleas of Animal Welfare Board of India and other animal rights organisations challenging the new law passed by Tamil Nadu Assembly to allow bull taming sport Jallikattu in the state.
The bench headed by Justice Dipak Misra asked senior advocates Abhishek Manu Singhvi and Anand Grover to file their applications which will be taken up for hearing on January 30 when the Centre’s plea for withdrawing the January 6, 2016 notification will be taken up.
In their applications the animal rights group has said that the new law passed by Tamil Nadu Assembly to allow Jallikattu has over reached the earlier verdict of apex court. Attorney General Mukul Rohatgi had yesterday informed the apex court that Centre has decided to withdraw the January 6, 2016 notification allowing Jallikattu in Tamil Nadu. The apex court had said that the concerned bench would take a decision on when the application of the Centre would come up for its consideration.
The Prevention of Cruelty to Animals (Tamil Nadu Amendment), Act, 2017 piloted by Chief Minister O Panneerselvam, was unanimously adopted on Monday by a voice vote in the assembly after a brief debate.
In their applications the animal rights group has said that the new law passed by Tamil Nadu Assembly to allow Jallikattu has over reached the earlier verdict of apex court. Attorney General Mukul Rohatgi had yesterday informed the apex court that Centre has decided to withdraw the January 6, 2016 notification allowing Jallikattu in Tamil Nadu. The apex court had said that the concerned bench would take a decision on when the application of the Centre would come up for its consideration.
The Prevention of Cruelty to Animals (Tamil Nadu Amendment), Act, 2017 piloted by Chief Minister O Panneerselvam, was unanimously adopted on Monday by a voice vote in the assembly after a brief debate.
US President invited to address joint session of Congress
US President Donald Trump was today invited to address a joint session of the Congress on February 28.
House Speaker Paul Ryan told reporters at a news conference that he is inviting President Trump to address a joint session of the Congress.
He said it will be an opportunity for the people and their representatives to hear directly from Mr Trump about his vision. The White House and both chambers of Congress are now controlled by Republicans.
Ryan’s formal invitation fulfills a tradition that provides an incoming president with the opportunity to address Congress within weeks of taking office.
A joint session of Congress usually occurs in the House of Representatives chamber, and is attended by all 100 US senators and 435 representatives.
Donald Trump invites PM Narendra Modi to visit US
US President Donald Trump has described India as a true friend of the United States and invited Prime Minister Narendra Modi to visit the country later this year. The two leaders spoke over phone last night and discussed various issues such as terrorism, defence and trade.
In a readout of the call, the White House said, President Trump and Prime Minister Modi resolved that US and India stand shoulder-to-shoulder in the global fight against terrorism.
The US President emphasised that Washington considers New Delhi a true friend and partner in addressing challenges around the world. The two leaders discussed opportunities to strengthen partnership between the two countries in broad areas such as the economy and defence.
They also discussed security in the region of South and Central Asia. After Mr Trump surprised the world with his historic victory in the Presidential election, Mr Modi was among the first five world leaders to congratulate him. During his election campaign, India was among the few countries, in addition to Israel, with whom Mr Trump spoke of strengthening ties if elected to power.
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