IMF downgrades India’s growth forecast for 2020-2021

In the latest World Economic Outlook, the IMF makes the following observations on the Indian economy.

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.

A world without work

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.

Bushfires and the Australian economy

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….