Latest news with #ShantanuMukherjee
Hans India
17-05-2025
- Business
- Hans India
India remains fastest growing economy amid global odds: UN
United Nations: India remains the fastest-growing large economy and is expected to record a 6.3 per cent growth this fiscal year, while the global economy faces a 'precarious moment,' according to the UN. 'India remains one of the fastest growing large economies driven by strong private consumption and public investment, even as growth projections have been lowered to 6.3 per cent in 2025 from the 6.6 per cent made in January,' Ingo Pitterle, a senior economic affairs officer, said on Thursday. The UN's mid-year update of the World Economic Situation and Prospects (WESP) report said India's economy is projected to grow a tad faster next year at 6.4 per cent, even though it is also 0.3 per cent lower than the January projection. 'The world economy is at a precarious moment,' the report warned. 'Heightened trade tensions, along with policy uncertainty, have significantly weakened the global economic outlook for 2025.' 'It's been a nervous, time for the global economy,' Shantanu Mukherjee, the director of the Economic Analysis and Policy Division, said at the release of the WESP. 'In January this year, we were expecting two years of stable, if subpar growth, and since then, prospects have diminished,' he added. Against this picture, the growth of the world's fifth-largest economy, India, contrasts with the global rate of 2.4 per cent this year, and that of other major economies, according to the WESP. The projection for China is 4.6 per cent, for the US 1.6 per cent, Germany (negative) -0.1 per cent, Japan 0.7 per cent, and the European Union 1 per cent.
Shafaq News
16-05-2025
- Business
- Shafaq News
Global growth slowing: UN revises 2025 GDP projection down to 2.4%
Shafaq News/ On Friday, the United Nations revised its global economic forecast downward, warning that ongoing financial and geopolitical strains are undermining prospects for a full recovery in the coming years. In its mid-2025 update of the World Economic Situation and Prospects report, the UN projected global GDP growth to slow to 2.4% in 2025—down from 2.9% in 2024 and 0.4 percentage points below its previous estimate issued in January. Shantanu Mukherjee, Director of the UN's Economic Analysis and Policy Division, described the international outlook as increasingly fragile, citing a convergence of destabilizing factors including escalating trade tensions, rising US tariffs, persistent supply chain disruptions, elevated production costs, and heightened financial market volatility. Addressing reporters during a press briefing, Mukherjee also cautioned that initial signs of stabilization earlier this year have faded, eroding both business and consumer confidence. 'There's been a notable weakening across key economic indicators.' The report highlighted that low-income and least developed countries are expected to bear the brunt of the slowdown. Growth in those economies is now projected at 4.1%, a downgrade from January's forecast of 4.6%, as inflation surges, debt levels rise, and access to global capital markets remains constrained. Meanwhile, both developed and emerging economies are facing stiff headwinds, including tight monetary policy and weaker global trade.
Asharq Al-Awsat
16-05-2025
- Business
- Asharq Al-Awsat
UN Forecasts Slower Global Economic Growth Following Trump's Tariffs and Trade Tensions
The United Nations on Thursday forecast slower global economic growth this year and next, pointing to the impact of the surge in US tariffs and increasing trade tensions. UN economists also cited the volatile geopolitical landscape and threats of rising production costs, supply chain disruptions and financial turbulence. 'These days, there's so much uncertainty in the air,' said Shantanu Mukherjee, director of the Economic Analysis and Policy Division at the UN Department of Economic and Social Affairs. 'It's been a nervous time for the global economy,' he told reporters while launching the midyear forecast. 'In January this year, we were expecting two years of stable — if subpar — growth, and since then, prospects have diminished, accompanied by significant volatility across various dimensions.' The UN is now forecasting global economic growth of 2.4% this year and 2.5% next year — a drop of 0.4 percentage point each year from its projections in January. Last year, the global economy grew 2.9%. Mukherjee said the slowing is affecting most countries and regions, but among the most severely hit are the poorest and least developed countries, whose growth prospects have fallen from 4.6% to 4.1% just since January. 'That translates into a loss of billions in economic output for the most disadvantaged of countries,' which are home to over half the global population living in extreme poverty, he said. The world's developed and developing countries also are projected to suffer, according to the UN report. Economic growth in the United States is now projected to drop significantly, from 2.8% last year to 1.6% this year, it said, noting that higher tariffs and policy uncertainty are expected to weigh on private investment and consumption. China's growth is expected to slow to 4.6% this year from 5% in 2024 as a result of subdued consumer sentiment, disruptions in its export-oriented manufacturing companies, and continuing challenges in its property sector, the report said. The European Union's growth is forecast to remain the same this year as it was last year — just 1%, the report said, citing weaker net exports and higher trade barriers. The United Kingdom's economic growth of 1.1% last year is projected to fall to 0.9%. Weakening trade, slowing investments and falling commodity prices are also forecast to erode growth in other major developing economies, including Brazil, Mexico and South Africa. India will remain one of the world's fastest-growing large economies, but the UN forecast said its growth is expected to drop from 7.1% in 2024 to 6.3% this year. The UN's global economic growth forecast is lower than the International Monetary Fund's. On a more positive note, Mukherjee said the UN is expecting that bilateral negotiations will lead to lower tariffs, although he said they won't return to the levels before US President Donald Trump's February announcement. Nonetheless, Mukherjee said, resolving uncertainties would help individuals and businesses move forward with economic decisions and that would have a positive impact on the global economy.
NDTV
16-05-2025
- Business
- NDTV
India Remains Fastest-Growing Economy At "Precarious Moment" For World: UN
United Nations: India remains the fastest-growing large economy and is expected to record a 6.3 per cent growth this fiscal year, while the global economy faces a "precarious moment," according to the UN. "India remains one of the fastest growing large economies driven by strong private consumption and public investment, even as growth projections have been lowered to 6.3 per cent in 2025" from the 6.6 per cent made in January, Ingo Pitterle, a senior economic affairs officer, said on Thursday. The UN's mid-year update of the World Economic Situation and Prospects (WESP) report said India's economy is projected to grow a tad faster next year at 6.4 per cent, even though it is also 0.3 per cent lower than the January projection. "The world economy is at a precarious moment," the report warned. "Heightened trade tensions, along with policy uncertainty, have significantly weakened the global economic outlook for 2025." "It's been a nervous, time for the global economy," Shantanu Mukherjee, the director of the Economic Analysis and Policy Division, said at the release of the WESP. "In January this year, we were expecting two years of stable, if subpar growth, and since then, prospects have diminished," he added. Against this picture, the growth of the world's fifth-largest economy, India, contrasts with the global rate of 2.4 per cent this year, and that of other major economies, according to the WESP. The projection for China is 4.6 per cent, for the US 1.6 per cent, Germany (negative) -0.1 per cent, Japan 0.7 per cent, and the European Union 1 per cent. "Resilient private consumption and strong public investment, alongside robust services exports, will support economic growth" for India, the report said. On inflation and employment, the WESP saw positive trends for India. "Inflation is projected to slow from 4.9 per cent in 2024 to 4.3 per cent in 2025, staying within the central bank's target range," it said. "Unemployment remains largely stable amid steady economic conditions," it said, but added a note of caution that "persistent gender disparities in employment underscore the need for greater inclusivity in workforce participation". The WESP drew attention to the risks to the export sector from the US tariff threats. "While looming US tariffs weigh on merchandise exports, currently exempt sectors -- such as pharmaceuticals, electronics, semiconductors, energy, and copper -- could limit the economic impact, though these exemptions may not be permanent," it said. The International Monetary Fund last month projected India's economy to grow by 6.2 per cent this year and 6.3 per cent next year.
Associated Press
15-05-2025
- Business
- Associated Press
UN forecasts slower global economic growth following Trump's tariffs and trade tensions
UNITED NATIONS (AP) — The United Nations on Thursday forecast slower global economic growth this year and next, pointing to the impact of the surge in U.S. tariffs and increasing trade tensions. U.N. economists also cited the volatile geopolitical landscape and threats of rising production costs, supply chain disruptions and financial turbulence. 'These days, there's so much uncertainty in the air,' said Shantanu Mukherjee, director of the Economic Analysis and Policy Division at the U.N. Department of Economic and Social Affairs. 'It's been a nervous time for the global economy,' he told reporters while launching the midyear forecast. 'In January this year, we were expecting two years of stable — if subpar — growth, and since then, prospects have diminished, accompanied by significant volatility across various dimensions.' The U.N. is now forecasting global economic growth of 2.4% this year and 2.5% next year — a drop of 0.4 percentage point each year from its projections in January. Last year, the global economy grew 2.9%. Mukherjee said the slowing is affecting most countries and regions, but among the most severely hit are the poorest and least developed countries, whose growth prospects have fallen from 4.6% to 4.1% just since January. 'That translates into a loss of billions in economic output for the most disadvantaged of countries,' which are home to over half the global population living in extreme poverty, he said. The world's developed and developing countries also are projected to suffer, according to the U.N. report. Economic growth in the United States is now projected to drop significantly, from 2.8% last year to 1.6% this year, it said, noting that higher tariffs and policy uncertainty are expected to weigh on private investment and consumption. China's growth is expected to slow to 4.6% this year from 5% in 2024 as a result of subdued consumer sentiment, disruptions in its export-oriented manufacturing companies, and continuing challenges in its property sector, the report said. The European Union's growth is forecast to remain the same this year as it was last year — just 1%, the report said, citing weaker net exports and higher trade barriers. The United Kingdom's economic growth of 1.1% last year is projected to fall to 0.9%. Weakening trade, slowing investments and falling commodity prices are also forecast to erode growth in other major developing economies, including Brazil, Mexico and South Africa. India will remain one of the world's fastest-growing large economies, but the U.N. forecast said its growth is expected to drop from 7.1% in 2024 to 6.3% this year. The U.N.'s global economic growth forecast is lower than the International Monetary Fund's. On a more positive note, Mukherjee said the U.N. is expecting that bilateral negotiations will lead to lower tariffs, although he said they won't return to the levels before U.S. President Donald Trump's February announcement. Nonetheless, Mukherjee said, resolving uncertainties would help individuals and businesses move forward with economic decisions and that would have a positive impact on the global economy.
