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IMF chief warns world leaders against being complacent about economic growth

11:46 PM | 22 Jan, 2018
IMF chief warns world leaders against being complacent about economic growth
DAVOS - IMF chief Christine Lagarde on Monday cautioned world leaders against being complacent about economic growth and expressed concern that some developing economies are not sharing the benefits of their growth.

Without taking any names, she also stressed that one-fifth of emerging and developing economies saw their per capita income decline in 2017.

“While the near-term outlook is good, the mid-term outlook is more worrying, and a recession may be nearer than we think,” she said while releasing an update to the IMF’s global economic outlook here at the World Economic Forum (WEF).

“The level of public debt means that the ammunition to fight another recession is not as strong as before, so world leaders must make sure to adopt the best policies now, and make hay while the sun shines,” she said.

According to the IMF’s latest report, the world economy is gathering speed with growth forecast for 2018 and 2019 pegged at 3.9% even as it warned that the present economic momentum reflects a “confluence of factors” that is unlikely to last for long.

The global output is estimated to have grown by 3.7% in 2017, which is 0.1 percentage point faster than projected in the fall and half percentage point higher than in 2016, it noted.

The pickup in growth has been broad based, with notable upside surprises in Europe and Asia.

Lagarde, also a co-chair for this year’s annual meeting, said global growth has been accelerating since 2016, and all signs point to a continuing strengthening of this growth.

“This is good news and we should feel encouraged, but not satisfied. Because too many people are still left out of this growth. About one-fifth of developing and emerging economies saw their per capita income decline in 2017,” she added.

The IMF chief warned that there is uncertainty in the year ahead due to public sector vulnerability and a troubling increase in debt in many countries.

“It is when the sun is shining that you want to repair the roof,” Lagarde said, while adding that despite the heavy snow in Davos, now is the time for world leaders to fix their roof.

While urging policy makers to use the current circumstances to make the structural or fiscal reforms that are too hard to make in more difficult times, Lagarde also sought steps to make growth more inclusive, not just across countries but within countries.

Further, she pitched for global collaboration to fight corruption, improve conditions for trade, stop tax evasion and prevent catastrophic climate change.

https://en.dailypakistan.com.pk/world/inequality-crisis-worsening-worlds-richest-1-bagged-82-of-global-wealth-in-2017-says-oxfam/

The writer is a staff member. He has been affiliated with Pakistan's leading English newspapers and worked as News Producer at FM 107.4. Death (as...he believes...life is a station, and death is a longest journey from seen to unseen world), Rain, and winter's Full Moon 'Jarray ki Chandani' always fascinate him too much.

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Pakistani rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 27 Feb 2024

Pakistani currency remains largely stable against US dollar in the open market on February 27, 2024 (Tuesday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.4 for buying and 282.3 for selling.

Euro currently stands at 303 for buying and 306 for selling while British Pound rate stands at 351.5 for buying, and 355 for selling.

UAE Dirham AED hovers at 76 whereas the Saudi Riyal saw slight increase, with new rates at 76.7.

Today’s currency exchange rates in Pakistan - 27 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.4 282.3
Euro EUR 303 306
UK Pound Sterling GBP 351.5 355
U.A.E Dirham AED 76 76.7
Saudi Riyal SAR 74.2 75
Australian Dollar AUD 181 183
Bahrain Dinar BHD 742.91 750.91
Canadian Dollar CAD 207 209
China Yuan CNY 38.82 39.22
Danish Krone DKK 40.56 40.96
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 905.46 914.46
Malaysian Ringgit MYR 58.49 59.09
New Zealand Dollar NZD 173.05 175.05
Norwegians Krone NOK 26.36
 
26.66
Omani Riyal OMR 725.54 733.54
Qatari Riyal QAR 76.74 77.44
Singapore Dollar SGD 207 209
Swedish Korona SEK 27.04 27.34
Swiss Franc CHF 317 319.5
Thai Bhat THB 7.76 7.91

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