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The lingering pandemic and Russia’s invasion of Ukraine are dealing a setback to the global economy, impacting current account balances of countries, says an IMF report.
The early impact of the third covid wave weakened India’s recovery trajectory in December, according to a group of high-frequency indicators compiled as part of Mint’s monthly macro tracker.
The Central Bank expects economic activity to record a gradual recovery following a temporary setback due to the third wave of the Covid-19 pandemic, Central Bank Governor Ajith Nivard Cabraal said. “We have noted that the External Sector remained resilient amidst heightened challenges. With the normalization of global economic activity, a notable improvement in export […]
By Prof. Arusha Cooray Sri Lanka is currently facing an unprecedented set of economic challenges: a large and increasing public debt, rising fiscal and current account deficits, foreign exchange shortages and declining investor confidence. The collapse of tourist revenues and remittances due to the pandemic, have compounded the situation. Sri Lanka’s foreign exchange reserves are […]
Global current account balances widened by COVID-19 pandemic: IMF Global reaction to the COVID-19 pandemic further widened global current account balances, which would have continued to decline if not for the crisis, the International Monetary Fund (IMF) said Monday. Global current account balances – the sum of absolute deficits and surpluses among all countries – increased from 2.8 percent of world gross domestic product (GDP) in 2019 to 3.2 percent of GDP in 2020, according to IMF’s newly released annual External Sector Report. “While external deficits and surpluses are not necessar...