NewsGate Press Network

The International Monetary Fund on Thursday the 13th of October 2022 stated  India is a “bright spot in a dark horizon” due to the rapidly-growing economy even in these difficult times, adding that the country will leave a mark on the world for years to come during next year’s presidency of G20.
These words were express by none other than IMF’s chief Kristalina Georgieva who said, “India deserves to be called a bright spot in this otherwise dark horizon because it has been a fast-growing economy, even during these difficult times, but most importantly, this growth is underpinned by structural reforms. ”
The top IMF official made this comment on the sidelines of annual meetings of the Boards of Governors of the IMF and the World Bank Group (WBG) in Washington.
There was a special mention regarding India’s digital economy by Ms Georgieva who added that the remarkable success of digitisation in India is the digital ID that provides all services and support on the basis of “digital access.” She further added that digitisation is a huge factor in India’s success.
Responding to a question regarding her expectation from India while heading the G20 group, IMF Managing Director said, “The country (India) is now stepping into taking the lead on G20 from that position of strength which makes me strongly believe that we will see India leaving a mark on the world for years to come during next year’s presidency.”
The IMF top official said that India will leave a mark in the areas of digitalisation and digital money. She further added, “We know that we need regulation of crypto, we know that we need some more attention to cross border payments, we are proposing public investments in the infrastructure of the cross border payment platform.”

Apart from giving high marks to India, the IMF Managing Director predicted a 25% probability of a global recession.

“The World Economic Outlook shows a one in four chance, in other words, a 25% chance that global growth could drop to a historic low of 2% next year.”

The IMF has estimated that two-thirds of the world would experience two or more quarters of negative growth.