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IMF chief Kristalina Georgieva says slowdown in Indian economy is temporary, expects better growth in 2020

She said the factors driving this positive momentum include receding trade tension after the US-China first phase trade deal and synchronized tax cuts, among others.

IMF chief Kristalina Georgieva on Friday said that growth slowdown in India appears to be temporary and she expects the momentum to improve going ahead. Speaking at the World Economic Forum 2020 at Davos, she said the world appears a better place in January 2020 compared to what it was when IMF announced its World Economic Outlook in October 2019.

She said the factors driving this positive momentum include receding trade tension after the US-China first phase trade deal and synchronized tax cuts, among others. However, she asserted that a growth rate of 3.3% is not fantastic for the world economy.

“It is still sluggish growth. We want fiscal policies to be more aggressive and we want structural reforms and more dynamism,” the managing director of the International Monetary Fund (IMF) said.

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“We had a downgrade in one large market India but we believe that’s temporary. We expect the momentum to improve further going ahead. There are also some bright spots like Indonesia and Vietnam,” she noted.

She further said a number of African countries are doing very well, but some other nations like Mexico are not.

On the risks ahead for the global economy, the IMF chief listed factors like weakness in long-term productivity growth and low inflation. “We are living in a more risk-prone world. It is only January and there have been events that are sparking risks for the global economy,” she added.

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