LONDON: The global economic outlook has deteriorated sharply over the last two months. In its World Economic Outlook, published in early October, the International Monetary Fund (IMF) forecast global growth of 3.9 per cent in 2008, and of 3.0 per cent in 2009. The IMF has since revised its forecast for global growth downwards to 3.7 per cent for 2008, and 2.2 per cent for 2009. Many economists are now predicting the worst global recession since the 1970s. Several countries, notably the United States, the UK, the euro area and Japan are all officially in recession. More worryingly, current indications are that the recession will be deeper and the recovery longer than earlier anticipated.Confidence in global credit markets continues to be low, and credit lines remain clogged. The tight and hesitant conditions in the credit markets are precipitating erosion of demand which, in turn, is feeding a recession - deflation vicious cycle.Contrary to earlier expectations that emerging economies will be affected only marginally, growth prospects of emerging economies have most definitely been undermined by the ongoing crisis with, of course, considerable variations across countries. The transmission to emerging economies is taking place via both trade and financial channels. Reflecting the contagion of the crisis, the IMF revised its growth forecast for emerging economies for 2009 to 5.1 percent, down from its early October figure of 6.1 percent.The outlook for India going forward is mixed. There is evidence of economic activity slowing down. Real GDP growth has moderated in the first half of 2008/09. Industrial activity, particularly in the manufacturing and infrastructure sectors, is decelerating. The services sector too, which has been our prime growth engine for the last five years, is slowing, mainly in construction, transport and communication, trade, hotels and restaurants sub-sectors. For the first time in seven years, exports have declined in absolute terms in October. Recent data indicate that the demand for bank credit is slackening despite comfortable liquidity. Higher input costs and dampened demand have dented corporate margins while the uncertainty surrounding the crisis has affected business confidence.
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Pakistan News
IslamabadHafiz Muhammad Alyas, younger son of Ward Boy at the PIMS Abdul Rasheed, was killed by some robbers late Friday night near Sabzi Mand
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IslamabadThe residents of the twin cities are desperately contacting various online companies currently operating in Lahore to strike deals fo
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ISLAMABAD: A secret US document, marked as releasable to the Government of Pakistan, has linked former Inter-Services Intelligence chief Lt-Gen (retd)
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LAHOREEXODUS of people from the provincial metropolis to districts and villages has started as Eidul Azha is drawing near. People bega
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Rawalpindi: An additional district and sessions judge Saturday gave December 17 for decision on interim bail of an accused involved in throwing acid o
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KARACHI: Loans provided to women from Microfinance bank have escalated the job opportunities among women in rural and urban areas according to the economic survey 2008 of State Bank.These loans have encouraged women to start their owe small businesses as well as to find themselves better opportunities of jobs, survey said.Survey also revealed that the agriculture sector is failing by and by to provide job opportunities however still 43 percent of the total population depend on the agriculture sector. Transport, trade, production and construction sectors of the country have become the chief sectors to provide jobs to people.
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LAHORE: President Asif Ali Zardari on Saturday has appointed director-general PCB Javed Miandad as ambassador of cricket for China.DG-Pakistan Cricket Board Javed Miandad told Geo News that this is a great honour for him and he is much grateful to the President of Pakistan for this kindness.He said that he would provide every possible help to promote cricket in China and in this regard he is ready to serve on behalf of Pakistan.
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WELLINGTON: Uncapped opening batsman Tim McIntosh was named Saturday along with recalled all-rounders Jacob Oram and James Franklin in the New Zealand cricket team for the first of two tests against the West Indies.Franklin and Oram have both been recalled after recent injury lay offs. Oram missed New Zealand’’s two-test series against Australia after suffering a back injury against Bangladesh, then broke afinger in a recent first-class match. Chris Martin, who led the New Zealand bowling attack in Australia, was dropped from the squad and replaced by Mark Gillespie. Turner said the selectors believed Martin would benefit from the opportunity to play more domestic cricket. New Zealand squad: Daniel Vettori (captain), Jamie How, TimMcIntosh, Daniel Flynn, Ross Taylor, Jesse Ryder, Jacob Oram,Brendon McCullum, James Franklin, Mark Gillespie, Iain O”Brien,Jeetan Patel.
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BAHAWALPUR: Local wrestling is a traditional sport of the Indo-Pak subcontinent but it is losing its charm with the passage of time.However, some people are still trying to keep it alive and such one effort has been seen in Bahawalpur as they organized a wrestling contest in the name of Jashn-e-Punjab benefit wrestling, the objective of which is to provide financial help to wrestlers.The Jashn-e-Punjab Benefit Wrestling was held on Friday here at the Dring Stadium under the auspices of the district government and the district sports committee, and various well-known wrestlers of the south Punjab were seen in action at the arena.A large number of wrestling fans was present to watch these contests held in flood-light.At the end of the contests, 15 renowned wrestlers of the past and their heirs were given the benefit amounts which were derived from these contests.
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