Latest news with #economicprospects
Times of Oman
5 hours ago
- Business
- Times of Oman
"Enthusiasm in Europe to enter into Free Trade Agreement with India": Commerce Minister Piyush Goyal
Paris: Highlighting growing global confidence in India's economic prospects, Union Minister of Commerce and Industry Piyush Goyal on Sunday said there is strong enthusiasm in Europe to enter into a Free Trade Agreement (FTA) with India. Speaking to ANI during his ongoing visit to Paris, France, Goyal noted that India's rising reputation has made nations increasingly eager to deepen trade and diplomatic ties. He also noted the positive momentum following Prime Minister Narendra Modi's meeting with European Commission President Ursula von der Leyen in New Delhi earlier this year. "There is no time limit for these discussions, but the European Union President, Ursula von der Leyen and Prime Minister Modi had a meeting in New Delhi in February. It was decided that we should conclude a good Free Trade Agreement by the end of this year. Considering the relations that I have built with my counterpart, the European Union Trade Commissioner, Maros Sefcovic, I feel that we will progress very fast and take it forward soon. There is enthusiasm in Europe to enter into a Free Trade Agreement with India, and from the feedback we get from the industry in India, it seems India will also benefit from this," Goyal said, adding that when both will benefit, it is natural that it is our responsibility to do it quickly. Earlier, while speaking to the media in Paris, Goyal also expressed gratitude towards France for its support following the terror attack in Pahalgam. "India is very grateful to France for the strong support and solidarity expressed when there was a terror strike at Pahalgam. The French people and government also stand for zero tolerance against terrorism, just like India," he said. He emphasised the strong personal rapport between PM Modi and French President Emmanuel Macron, which he said had given "fresh momentum" to the robust Indo-French relationship. "The French Senate delegation that visited India fully supported India's stand and gave us confidence that the world stands with India when we are fighting against terrorism in all forms, whether state-sponsored or non-state actors. Prime Minister Narendra Modi and President Macron share a very deep personal connect and rapport and have had frequent interactions, giving afresh momentum to the strong French-India ties..." he said. The commerce minister commenced his three-day official visit to France on Sunday, part of his ongoing visit to France and Italy from June 1 to 5. As part of his visit, Goyal will hold bilateral meetings with several French leaders, including Minister of Economy Eric Lombard and Trade Minister Laurent Saint-Martin. The discussions will focus on strengthening the Indo-French economic partnership and exploring new avenues for enhancing trade and investment cooperation. As part of the high-level visit to France, a comprehensive agenda of strategic business meetings and engagements has been scheduled. With top leadership of major French companies such as Vicat, Total Energies, L'Oreal, Renault, Valeo, EDF, and ATR, the visit will feature the India-France Business Round Table and the India-France CEO Forum, fostering dialogue between leading industry stakeholders from both countries. During his stay, the Minister will also participate in the informal gathering of WTO Ministers on the margins of the OECD Ministerial Council Meeting. At this crucial forum, he will engage with global counterparts on key multilateral trade issues and articulate India's perspectives and priorities.
Arabian Business
3 days ago
- Business
- Arabian Business
Global economy set to weaken amid rising uncertainty, WEF economists warn
Chief economists from leading global institutions have unanimously warned that worldwide economic prospects are set to deteriorate considerably for the remainder of 2025, amid 'extraordinary' levels of uncertainty driven by geopolitical tensions and policy volatility, according to a World Economic Forum report released on Thursday. The May 2025 Chief Economists Outlook, based on a survey conducted in early April among top economists, revealed that 82 per cent characterised current uncertainty levels as 'very high' – with nearly half expecting these elevated levels to persist or increase further over the next year. 'The May 2025 edition of the Chief Economists Outlook is published at a time of extraordinary volatility and uncertainty,' the WEF report stated. 'Since the beginning of the year, the global economic outlook has darkened.' Trade policy has emerged as the central driver of economic turbulence, with 97 per cent of surveyed economists identifying it as the area subject to the highest level of uncertainty globally, followed by monetary policy (49 per cent) and fiscal policy (35 per cent). A significant shift in perspective occurred since the previous survey in November 2024, with 79 per cent of chief economists now viewing recent changes to U.S. policy as part of a long-term structural shift rather than a short-term disruption, up from 61 per cent previously. 'Trade-related uncertainty in the past three months has been higher than at any time since records began in 1960,' the report stated, noting that April 2025 levels exceeded even those seen during the COVID-19 pandemic. Among the key concerns highlighted was the impact of rising tariffs, with 77 per cent of respondents expecting higher inflation and 89 per cent anticipating stagnation or decline in global trade volumes for the remainder of 2025. The regional outlook showed marked divergences, with the US economic trajectory showing the most pronounced deterioration. Nearly four out of five chief economists anticipate weak (69 per cent) or very weak (8 per cent) growth for the U.S. economy for the remainder of the year, a significant downgrade from previous expectations of moderate to strong growth. 'According to early official estimates, in the first quarter, real GDP decreased at an annual rate of 0.3 per cent,' the report noted about the U.S. economy. European prospects showed modest signs of improvement, although from a weak base after years of lacklustre growth. Half of the economists still expect growth to remain weak, but increasing fiscal flexibility, particularly in Germany, was cited as a potential driver for broader European growth. In China, while 69 per cent expect moderate growth, economists were split on whether the country would reach its 5 per cent GDP growth target for 2025, with the IMF having recently revised its forecast downward to 4 per cent. Defence spending emerged as a significant economic factor, reflecting growing geopolitical concerns. The survey found that most chief economists expect increased public borrowing (86 per cent) to finance higher military expenditure, while many also anticipate cuts to other public investment (56 per cent) and services (47 per cent). 'Shifts in the global security architecture have caused the steepest year-on-year rise in global military spending since at least the end of the Cold War,' the report said. Despite these challenges, artificial intelligence offers a potential bright spot. While only 45 per cent of chief economists expect AI to become commercially disruptive this year, a significant proportion (46 per cent) anticipate it will add up to five percentage points to global GDP over the next decade, with another 35 per cent expecting gains of 5-10 percentage points. The labour market impact of AI remains uncertain, with 47 per cent of economists forecasting net job losses over the next decade, compared to 19 per cent who predict net job gains. In response to these complex challenges, businesses are adapting rapidly. All surveyed economists (100 per cent) expect companies to reorganise sourcing and logistics to reduce exposure to tariffs or export controls, while 87 per cent anticipate businesses will delay strategic decisions and investments due to heightened uncertainty. 'At a time of profound disruption, organizations can position themselves for resilience and expansion by aligning technological innovation with a clear understanding of the broader economic landscape,' the report concluded. The survey, conducted between April 3-17, captured economists' views during a period of particularly acute trade uncertainty before several major powers announced temporary pauses to planned tariff increases in May.
Bloomberg
15-04-2025
- Business
- Bloomberg
Investors Haven't Been This Bearish in 30 Years, BofA Poll Shows
Investor sentiment regarding economic prospects is the most negative in three decades, yet fund mangers' pessimism isn't fully reflected in their asset allocation which could mean more losses for US stocks, a Bank of America Corp. survey shows. Fund managers are extremely gloomy, with 82% of respondents to BofA's monthly survey expecting the global economy to weaken. Consequently, a record number intend to reduce exposure to US equities, according to the poll.
