Grim news on all fronts for Indian economy

Abstract

The update to the World Economic Outlook by the International Monetary Fund (IMF) presents a dismal picture with global output expected to be lower in 2013, than originally expected in forecasts made last April. The projected underperformance is mainly because of lower growth in emerging markets, continuation of a recession in the eurozone area, and a slower US expansion. The eurozone area continues to suffer from low demand, depressed confidence, financial market fragmentation, weak balance sheets, and fiscal consolidation. In emerging markets, weaker prospects reflect infrastructure bottlenecks and other capacity constraints, lower export growth, lower commodity prices, financial stability concerns, and, in some cases, weak monetary policy support.

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