India’s growth is estimated at 4.8 percent in 2019, projected to improve to 5.8 percent in 2020 and 6.5 percent in 2021 (1.2 and 0.9 percentage point lower than in the October WEO), supported by monetary and fiscal stimulus as well as subdued oil prices.
Several eminent economists’ have expressed considerable concern that India is on the verge of a major growth slowdown and perhaps even a sharp recession. Poverty and labour market indicators also suggest an economy in distress. Are these concerns valid?
Oxford economist Daniel Susskind paints a dystopian future of a world without work as a result of the relentless onslaught of new technology. This, critics might proclaim, is an old argument evoking new fears. But, according to a reviewer, Susskind has a compelling story to tell that entails a judicious juxtaposition of innovative analysis and novel evidence. Susskind does not merely document the promises, pitfalls, and perils of new technology. He argues that the private sector is unlikely to redress the challenges of a world without work. Such responsibility lies with the government and its ability to design appropriate and effective policies of redistribution.
The calamitous bushfires that have engulfed Australia are most likely to have an adverse impact on the Australian economy. The upfront cost is projected to be in excess of A$ four billion. Beyond this headline figure, a painful period of adjustment lies ahead. A piece in the New York Times offers a poignant portrayal of such a challenge facing policymakers and politicians across both sides of the political divide. A good read….