IMF Current Affairs - 2019

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Raghuram Rajan to Get Yashwantrao Chavan National Award

Raghuram Rajan, former governor of RBI has been chosen for the ‘Yashwantrao Chavan National Award 2018’ by Yashwantrao Chavan Prathisthan for his contribution to economic development. Raghuram Rajan will be presented with the award at the 106th birth anniversary of Yashwantrao Chavan on March 12.

Raghuram Rajan is credited with steering Indian economy during turbulent times during the post-global financial crisis period. He is credited for positioning Indian currency as among the best-performing emerging markets amid a global currency rout against the dollar as emerging markets witness a major capital flight not seen since the collapse of Lehman Brothers in 2008. During his tenure in RBI, he oversaw some key reforms in monetary policy management and in the administration of the central bank.

Raghuram Rajan had also served as the chief economist of IMF and had famously predicted the 2008 financial crisis in 2005.

Yashwantrao Chavan Prathisthan

After the death of Yashwantrao Chavan, Yashwantrao Chavan Prathisthan was constituted by his followers and associates to take forward his works.

Yashwantrao Chavan was the first Chief Minister of State of Maharashtra and has also served as Deputy Prime Minister of India in the cabinet of Prime Minister Charan Singh between 1979-1980.

Born on 12 March 1913 in Devrashtre village of Satara District of Maharashtra, Yashwantrao Chavan was largely influenced by the Indian freedom struggle movements. He had participated in the Non-cooperation movement and Quit India movement. During the course of time, he become closely associated with leaders like  Jawaharlal Nehru, Sardar Patel. After Independence, he held several important positions in the government of Maharashtra and in the government of India. Yashwantrao Chavan died of a heart attack on 25 November 1984.

The Yashwantrao Chavan National Award constituted by the Yashwantrao Chavan Prathisthan honours individuals and institutions for their outstanding contribution to national integration, and social and economic development.

OECD Growth Forecasts 2019

The Organisation for Economic Co-operation and Development (OECD) has reduced the world economic growth forecasts for the year 2019.

Economic Forecasts of OECD

  • The report notes that trade tensions and political uncertainty, including Brexit and erosion of business and consumer confidence are weighing on the world’s economy thereby contributing to the slowdown.
  • OECD has cut its 2019 forecast for global economic growth to 3.3% for the current year, down from 3.5% it predicted earlier.
  • OECD growth forecasts for Germany sank to 0.7% from 1.4%, while Italy’s fell from 0.9% growth into a recession at -0.2%.
  • OECD forecasts noted that the sharp downturn in the two countries reflected “their relatively high exposures to the global trade slowdown.
  • The forecasts for France have slipped from 1.5% to 1.3%.
  • Britain’s growth forecast has been chopped from 1.4% to 0.8%. For the first time, the growth rates have fallen below 1% since 2009 following the global economic crisis.
  • The 19-nation eurozone was particularly hard hit, with predicted growth dropping from 1.8 per cent to one per cent which was contributed to policy uncertainty including those over Brexit.
  • The report notes that a sharper slowdown in China would have significant adverse consequences for global growth and trade.

OECD’s forecasts are more downbeat than the IMF’s for many economies, particularly the euro region and the U.K.