The International Monetary Fund trimmed its forecasts for global output on Tuesday for the sixth time since early last year, saying stronger growth in most advanced economies would fail to make up for a more sluggish expansion in the developing world. Prospects for emerging markets, long the engine of the global recovery, have dimmed somewhat with both structural and cyclical factors at play, the IMF said in its latest snapshot on the health of the global economy. The United States is driving much of the global recovery and U.S. output should pick up further next year - as long as politics do not get in the way, the IMF said, referring to a looming standoff over the nation's $16.7 trillion debt ceiling. "A failure to promptly raise the debt ceiling, leading to a U.S. selective default, could seriously damage the global economy," the IMF warned in its latest World Economic Outlook, released ahead of its twice-yearly meetings later this week. "Policymakers have shown their determination … [Read more...] about IMF cuts global growth forecast, warns of prolonged stupor
Global growth fund
National dialogue on Vietnam’s Global Environment Fund
(VOVworld) - A national dialogue on Vietnam's Global Environment Fund involving more than 100 environmentalists was held in Hanoi on Tuesday. Delegates discussed orientations and Vietnam's priority for a 6-phased cycle until 2018. World Bank Country Director Victoria Kwakwa said Vietnam, the first country that has organized a national dialogue on the 6th term of the Global Environment Fund, needs to combine economic development with environmental protection. She said that the World Bank and the Fund would help Vietnam in terms of strategy and policy support in order to turn Vietnam's Global Environment Fund into an important organization in the world environment forum. Deputy Minister of Natural Resources and Environment Tran Hong Ha said Vietnam great attached importance to green growth, the quality of the environment, and climate change adaptation. … [Read more...] about National dialogue on Vietnam’s Global Environment Fund
IMF’s global growth forecast amid financial shocks
HONG KONG (AFP) - The IMF raised Thursday its global growth forecast for this year despite renewed financial turbulence stemming from a European debt crisis that has sharply raised potential risks. The fund projected the world will grow by 4.6 percent, up from its 4.2 percent forecast in April, reflecting "stronger activity" during the first half of 2010 and expectations of fiscal action, especially in Europe. The higher forecast was due to "expectations of a modest but steady recovery in most advanced economies and strong growth in many emerging and developing economies," the Washington-based International Monetary Fund said. It maintained its 2011 growth forecast at 4.3 percent in an update of its World Economic Outlook projections. The fund however warned that "downside risks have risen sharply amid renewed financial turbulence" sparked by a severe Greek budget crisis that threatened to spread across the eurozone. "Looking forward, strong clouds have appeared on the horizon," … [Read more...] about IMF’s global growth forecast amid financial shocks
WB proposes 2 trillion USD global recovery fund to help poor nations
World Bank Chief Economist Justin Lin has called for the establishment of a 2 trillion USD fund to help the low-income countries to cope with the current financial crisis.The proposed Global Recovery Fund is expected to help the low-income economies invest in the bottleneck areas and achieve sustainable growth.In a speech at the Peterson Institute for International Economics, a leading think tank in the US, the Chief Economist warned that the current crisis is the most serious one since the Great Depression in the 1930s.Therefore, the creation of the five-year fund, with 400 billion USD each year or about one percent of the GDP of the high-income countries, would help the low-income countries participate in a coordinated global stimulus and invest in the bottleneck areas.He noted that the high-income countries tend to have more fiscal space and fewer structural problems, while the low-income ones are usually facing the opposite situation.Earlier last month, WB President Robert Zoellick … [Read more...] about WB proposes 2 trillion USD global recovery fund to help poor nations
Foreign growth fund backs Vietnamese software firm
The Hanoi Times - SEAF Blue Waters Growth Fund, managed by the company Small Enterprise Assistance Funds, has invested in a growth-oriented software development firm in Vietnam. The joint-stock company VietSoftware International (VSII) received mezzanine financing from the SEAF growth fund to support the company's planned increase in programmers to 800 by 2011 from the current 135. More staff are needed to meet growing demand for its services from both existing and potential customers. In addition to investment capital, SEAF will provide VSII with technical assistance to improve the company's strategy development, corporate governance, operational management, and business networking. The investment, which comes at a crucial point for the company, will help it expand significantly in a sector that is showing continued demand despite the current global economic downturn. VietSoftware International is a subsidiary of VietSoftware Incorporated, one of the leading technology service … [Read more...] about Foreign growth fund backs Vietnamese software firm