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India shows the way on globalisation

India has been opening up its markets to foreign investments and creating opportunities for companies globally even as trade wars are closing markets in other countries.

Economists around the world are burning the midnight oil trying to answer the question that is giving sleepless nights to heads of states and C-suite occupants alike: is the world economy heading towards a recession?

Economic report cards from the largest economies don’t make for happy reading. The US manufacturing sector has been slowing for the first time in a decade, China has been growing at the slowest pace in over three decades, the UK seems perched on the edge of a recession, Germany, the world’s fourth largest economy, shrank in the quarter ended June 2019 and in India, the world’s fastest growing large economy, GDP growth rate slumped to 5 per cent, the slowest in over six years (25 quarters).

The International Monetary Fund (IMF) recently cut its global growth forecast for this year to 3.2 per cent, the weakest rate of expansion in 10 years. And more than a third of asset managers surveyed by the Bank of America expect a global recession in the next 12 months.

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