According to latest world economic report condition of Indian stock market is far from ideal. Major benchmark indices have gone down in spite of deductions in rates of interest by Reserve Bank of India.
Latest global economic report has confirmed that US president Barack Obama has decided to spend more money in his proposed budget. This money would be provided as aid for economically weaker sections of America.
However, it has also been suggested in economic report of world that other economically advanced countries need to spend more for purposes of financial aid and recovery. Otherwise, global economic revival would be delayed to a significant extent.
Economic report in world has made it obvious that all over world economically developing nations are suffering more as a result of global financial crunch and thus are in greater need of financial aid.
Newest economic report at world by World Bank suggests that by time when global economic slowdown comes to a halt there would be 53 million poor people who would be pushed to brink of extreme poverty.
Economic report for world has suggested that there are several factors responsible for critical condition of poor. There has been a rapid and sharp decline in volume of trade being done throughout world after ongoing world financial crisis started.
Previously trading activities used to be a major source of income for poor but with decline of trading activities poor are finding it pretty hard to procure jobs. This is especially true in economically developing countries.
Much of present economic condition of economically backward classes in economically developing countries is a result of trickle down effect of global financial downturn.
As per world economic report prices of fuel and food items is going up at a steady rate. This was supposed to jeopardize at least 130 million to 155 million people from economic point of view by 2008 and these reports have reiterated that 53 million more people would be facing same fate in 2009 fiscal. World Bank, in its world economic report has also said that in fiscal 2009 as many as 22 nations could face bankruptcy.
On Independence Day 2014, India’s Prime Minister Narendra Modi launched his financial inclusion plan to provide a bank account to every Indian household. His ‘Jan-Dhan Yojana’ (Scheme for People’s Wealth) — which, in typical Modi vernacular, plays on rhyming words — seeks to provide financial independence to unbanked Indians through a two-phase plan.
Nouriel Roubini, a.k.a. “Doctor Doom”, is chairman of Roubini Global Economics and professor of economics at New York University’s Stern School of Business. Roubini has been consistently cited as one of the world’s top global thinkers. This year, he was voted as the most influential economist in the world by Forbes magazine.
Eric J. Gleacher Distinguished Service Professor of Finance at the Booth School of Business at the University of Chicago. IMF’s Chief Economist from September 2003 to January 2007. Inaugural recipient of the Fischer Black Prize.
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Andrea Edwards has worked in marketing and communications all over the globe for 20 years, and is now focused on her passion – writing. A gifted communicator, strategist, writer and avid blogger, Andrea is Managing Director of SAJE, a digital communications agency, and The Writers Shop – a regional collaboration between the best business writers in Asia Pacific
James W. Harpel Professor of Capital Formation and Growth at the John F. Kennedy School of Government in Harvard University. Director of Program in International Finance and Macroeconomics at the National Bureau of Economic Research.