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  3. Global economy remains fragile and faces risk of double-dip recession: Anand Sharma

Global economy remains fragile and faces risk of double-dip recession: Anand Sharma

29 Jan 2013 Evaluate

At the CII Global Partnership Summit, Commerce and Industry Minister Anand Sharma warned that global economic growth remained extremely fragile and faced a heightened risk of going into double-dip recession.  The latest projections indicated that this year the global economic growth would remain almost flat by 3.5 per cent as last year (3.2 per cent).

Sharma said, “The most worrisome is the slowdown in growth of developing economies, which grew at 5.1 per cent last year, registering perhaps the slowest growth in the last decade. The situation in Eurozone remains grim. The U.S. is staring at a ‘fiscal cliff’ and the BRICS economies, which had emerged as pillars of stability and engines of economic growth even at the peak of the crisis, are now experiencing a slowdown. There was a continued volatility of capital flows, particularly to emerging and developing economies.”

Last year, the net private capital flows to emerging markets were down by 10 per cent at $1 trillion even as the emerging market economies invested over $1.3 trillion abroad. A major area of serious concern had been the rising food prices, which jumped to a record high in July last year though there was a softening towards the latter part of the year. Apart from the deteriorating economic situation, there was a massive social dimension to the problem as the world was faced with an unprecedented crisis of unemployment.

The minister also stressed that the national manufacturing policy was not just on paper rather it was being implemented to help India emerge as a manufacturing hub and create millions of new jobs. By adding further, he said that G-20 had emerged as the pre-eminent global body for economic stabilisation in this time of crisis.

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