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Bhutan: Social media platforms a way for locals to earn money

Thimphu [Bhutan]: The rising popularity of social media platforms like Tik Tok and YouTube are attracting users in Bhutan. These users are now gaining popularity on both national and international levels. These platforms are opening economic avenues for the people of Bhutan, reported Bhutan Live. These popular social media applications offer the audience to send gifts to users that can be converted into dollars.

However, social media influencers told Bhutan Live that withdrawing money from these platforms remains a hassle. A popular Tik Tok influencer from Bhutan, Phuntsho Choden told the publication, “I got a lot of gifts from a lot of people who appreciated my post, but the sad thing was it was not possible for me to withdraw money from my Paypal account. So, that’s why I asked for help from one of my friends who is living abroad and he did help me with that”. The report by Bhutan Live claims that as of now the country does not have access to international payment applications such as PayPal. The Royal Monetary Authority (RMA) says they previously contacted Paypal but the company declined the offer to tie up with RMA sheerly due to Bhutan’s small population.

The central bank is now exploring other options. Explaining this problem another Tiktoker, Thinley Gyeltshen said that “We need to get help from our close and trusted friends to encash our money. With this, if concerned authorities could make such applications accessible then our Bhutanese Tiktokers can withdraw their money without relying on our friends,”. However, another popular platform in the country YouTube’s Google AdSense is supported by local banks that help these users gain money.

A popular YouTuber, Tandin Phub, says withdrawing money made through YouTube is done through Google AdSense which is supported by local Banks. These people despite all the challenges are able to gain popularity internationally and this proves that anyone with a large following can turn their online presence into a lucrative business, Bhutan Live said. (ANI)

Indian PM inaugurates 1st phase of Delhi-Mumbai expressway

NEW DELHI — Indian Prime Minister Narendra Modi on Sunday inaugurated the first phase of the Delhi-Mumbai expressway.

The foundation stone of the 246-km Delhi-Dausa-Lalsot stretch of the Delhi-Mumbai expressway was laid in Rajasthan, a state in northern India.

Officials said the expressway will cut down the travel time from New Delhi to Rajasthan’s capital city Jaipur from five hours to around three and a half hours.

Modi said the expressway is expected to boost economic opportunities in the region.

The Delhi-Mumbai expressway will be India’s longest with a length of 1,386 km in total. (Xinhua)

Mayor urges minority ethnic Londoners to give blood to help save lives

London, UK – The Mayor of London, Sadiq Khan, has called on Londoners to give blood to help save and improve lives. Approximately 135,000 new donors are needed annually in the UK to meet demand and at least 40,000 new blood donors are needed in London each year over the next five years. Black heritage donors are particularly needed as the number of sickle cell patients in the UK has risen, and this disorder disproportionately impacts people of Black Caribbean and Black African heritage.

The Mayor, joined by NHS Blood and Transplant (NHSBT) Ambassadors, hosted the first-ever blood drive at City Hall’s new location at the Royal Docks and donated blood to encourage more diverse backgrounds to become donors. However, fewer than 5% of donors in the last year were from Black, Asian, and minority ethnic communities.

Black heritage donors are 10 times more likely to have the rare Ro blood subtype, which is often needed by sickle cell patients. In London, hospitals asked for 58% more Ro blood than they did five years ago, and the situation is particularly critical as London has the highest number of sickle cell patients in the UK. Each month, 1,300 donors of Black heritage are needed to provide life-saving transfusions to sickle cell patients and for use in emergencies, childbirth, surgery, and cancer treatments. NHSBT estimates that at least 16,000 more Black African and Black Caribbean heritage donors are needed each year.

David Rose, Director of Donor Experience at NHS Blood and Transplant, said, “Londoners have the unique opportunity to be part of the solution by becoming donors. Blood donation is amazing and it saves lives.”

Beverley De-Gale, Co-founder of the African Caribbean Leukaemia Trust, added, “Registering to book a blood donation appointment is a simple process which goes onto save thousands of lives.”

Londoners who meet the requirements are encouraged to give blood as the shortage of donors continues to be a concern.

Turkey-Syria earthquake toll nears 9500, rescue underway

Ankara: The Turkey-Syria earthquake (/topic/turkey-syria-earthquake) death toll (/topic/death-toll) stands at 9,487, CNN reported citing officials as rescue operations continue in the disaster-hit countries. According to aid organisations and rescuers, the number of fatalities is expected to rise as many people are still buried beneath the wreckage. At least 6,957 people have died and more than 38,000 people have been injured in Turkey, according to the country’s environment minister Murat Kurum, who said at a televised briefing on Wednesday.

According to CNN, in Syria, at least 2,530 people have died. Many people attempted to evacuate the destroyed city of Gaziantep, which is situated around 33 kilometres (20 miles) from the epicentre, after a series of earthquakes and aftershocks in Turkey and Syria. Those who could not leave the city on Tuesday sought sanctuary in malls, stadiums, mosques, and community centres because the airport and numerous roads outside the city were blocked.

Rescuers are racing to pull survivors from earthquake rubble before they succumb to cold weather in southern Turkey and war-ravaged northern Syria. As the death toll (/topic/death-toll) climbed, despair and anger were growing over the pace of rescue efforts, reported Khaleej Times. The quake, one of the strongest to hit the region in more than 100 years, struck 23 kilometres (14.2 miles) east of Nurdagi, in Turkey’s Gaziantep province, at a depth of 24.1 kilometres (14.9 miles), the US Geological Survey said. Turkish President Recep Tayyip Erdogan has declared a three-month-long state of emergency in 10 provinces as rescuers race against time in Turkey and Syria following Monday’s devastating earthquake. (ANI)

India sends humanitarian assistance to Turkey, Syria

New Delhi : India is providing materials, supplies, medical supplies, and equipment, to Syria (/topic/syria) as well as sending search and rescue teams to Turkey under ‘Operation Dost’, said External Affairs Minister S Jaishankar on Wednesday. “Under #OperationDost, India is sending search and rescue teams, a field hospital, materials, medicines and equipment to Turkiye and Syria (/topic/syria).

This is an ongoing operation and we would be posting updates,” Jaishankar tweeted. According to aid organisations and rescuers, the number of fatalities is expected to rise as many people are still buried beneath the wreckage. The Turkey-Syria (/topic/syria) earthquake death toll currently stands at 9,487, CNN reported citing officials as rescue operations continue in the disaster-hit countries. India dispatched its fourth batch of aid, including 54 members of the medical team from the Indian Army as part of the country’s Humanitarian Assistance and Disaster Relief on Tuesday. Recently, over 6 tons of emergency relief assistance reached Syria (/topic/syria) and was received at the Damascus airport by Deputy Minister of Local Administration and Environment Moutaz Douaji.

It included 3 truck-loads of protective gear, emergency use medicines, ECG machines and other medical items, the Ministry of External Affairs said in an official statement. India over the years has been extending humanitarian, technical and developmental assistance to Syria (/topic/syria) through bilateral and multilateral channels. Consignments of food and medicines have been supplied to Syria (/topic/syria) from time to time, including during the pandemic. Two Artificial Limb Fitment Camps (Jaipur Foot) have been organized in Syria (/topic/syria) in December 2020 and recently in October-November 2022, the press release read. (ANI)

Turkey earthquake: Over 4,800 killed, rescuers work through night

ANKARA: Rescue operation is underway across much of southern Turkey and northern Syria following a huge earthquake that has killed at least 3,500 people, BBC reported.

The 7.8 magnitude quake struck near Gaziantep in the early hours of Monday while people were asleep.

A 7.5-magnitude tremor then hit at around 13:30 local time (10:30 GMT), which officials said was “not an aftershock”, according to the report.

Turkey’s disaster agency says more than 2,300 people were killed in Turkey alone after the first quake, and more than 14,000 were injured.

Meanwhile, more than 1,400 people are reported to have died in Syria.

Rescuers are racing to save people trapped beneath the rubble after thousands of buildings collapsed in both countries.

World leaders have pledged to send aid after Turkey issued an international appeal for help.

(Inputs from BBC)

World needs “Wake-Up Call”: UN Chief

UNITED NATIONS: U.N. Secretary-General Antonio Guterres warned that the world needs to wake up and take urgent action to change the trajectory on conflicts and geopolitical divisions, the climate crisis, and economic inequality.

“We need a course correction,” Guterres said as he laid out his 2023 priorities to the U.N. General Assembly.

“The good news is that we know how to turn things around — on climate, on finance, on conflict resolution, on and on,” he added. “And we know that the cost of inaction far exceeds the costs of action. But the strategic vision — the long-term thinking and commitment — is missing.”

He cited the recent announcement by the Bulletin of the Atomic Scientists to move the so-called Doomsday Clock 10 seconds closer to global catastrophe as a “wake-up call.”

On January 24, the organization’s board, citing Russia’s war in Ukraine and the threat of the use of nuclear weapons, said the planet is now “90 seconds to midnight.”

“This is the closest the clock has ever stood to humanity’s darkest hour, and closer than even during the height of the Cold War,” Guterres warned.

The organization of scientists, of which Albert Einstein was a founding member, created the clock in 1947 as an indicator of how close the world is to manmade global catastrophe.

Adding to the growing list of crises and concerns was Monday’s deadly 7.8 earthquake that struck parts of Turkey and Syria. Guterres said the United Nations is mobilizing to support the emergency response.

“Let’s work together in solidarity to help those hit by this disaster, many of whom are already in dire need of humanitarian aid,” he said.

The quake’s epicenter was in parts of Turkey and Syria with large populations of refugees and people affected by more than a decade of civil war in Syria.

(VOA)

Modi urges investors to explore investment opportunities in India’s energy sector

NEW DELHI — Indian Prime Minister Narendra Modi on Monday urged global investors to explore investment opportunities in the country’s energy sector, said a statement issued by the Prime Minister’s Office.

Modi made the call while inaugurating the India Energy Week 2023 at Bengaluru, the capital city of Karnataka state.

Underlining the major role of the energy sector in setting the direction of the future of the 21st-century world, Modi said India was one of the strongest voices in the world for energy transition and for developing new resources of energy.

“Unprecedented possibilities are emerging in India that is moving with a resolution of a developed India,” Modi said.

The prime minister said that India’s energy demands will be highest in the present decade which presents an opportunity for the investors and stakeholders of the energy sector.

Modi said India was working on mission mode to increase the consumption of natural gas in the energy mix from 6 percent to 15 percent by 2030 where all the needed infrastructure will be provided by “One Nation One Grid.”

The Indian Prime Minister said the gas pipeline network has increased to 22,000 km from 14,000 in 2014 and pointed out that the network will expand to 35,000 km in the next four to five years.

Highlighting India’s emphasis on domestic exploration and production (EP), Modi said the sector has shown interest in the areas hitherto considered inaccessible.

“We have reduced the no-go areas. Due to this, one million square kilometre area has been freed from the restrictions of no-go. I would urge all the investors to make use of these opportunities, and increase your presence in the exploration of fossil fuels,” he said.

The India Energy Week 2023 kickstarted Monday with the aim to showcase the country’s rising prowess as an energy transition powerhouse.

According to officials, the event will bring together leaders from the traditional and non-traditional energy industry, governments, and academia to discuss the challenges and opportunities that a responsible energy transition presents.

It will see the presence of more than 30 ministers from across the world. Over 30,000 delegates, 1,000 exhibitors and 500 speakers will gather to discuss the challenges and opportunities of India’s energy future. (Xinhua)

A united South Asia can beat air pollution

By : Martin Raiser

At a recent meeting for the launch of a new World Bank report on air pollution, held in Kathmandu, Pema Gyamtsho, director general of ICIMOD, asked by a show of hands how many people in the room actually saw the peak of Mount Everest on their way to Nepal’s capital. Sadly, and predictably, there were no hands raised. Gyamtsho was of course alluding to Nepal’s air pollution – among the worst in the world – that often keeps the world’s tallest mountain peak hidden from view.

South Asia is a global hotspot of air pollution, home to 37 of the 40 most polluted cities in the world. 60% of its population lives in heavily polluted areas where levels of deadly dust particles called PM2.5 – responsible for chronic respiratory disease and more than two million premature deaths a year in the region – exceed the least stringent WHO air quality standard.

These particles can travel hundreds of kilometres, crossing municipal, state, and even national boundaries. For example, about 30% of air pollution in the Indian state of Punjab comes from neighbouring Pakistan. Further east, an estimated 30% of pollution in Bangladesh’s largest cities originates in India, given the predominant wind direction from the northwest to the southeast. This makes it hard to track the source of particulates and manage air quality using the city-by-city approach prevalent today across South Asia.

The World Bank’s new study, Striving for Clean Air: Air Pollution and Public Health in South Asia, attempts to clear the air on South Asia’s nemesis. The study finds that since air pollution travels long distances and gets trapped in large airsheds – a common geographic area where pollutants are confined, creating similar air quality for everyone – it is only through cooperation at the province, state, and regional levels that South Asia can hope to beat air pollution.

Regional cooperation on air pollution: what’s in it for South Asia?
The new World Bank study uses a regional atmospheric model to simulate the effectiveness of a wide range of technological solutions to reduce air pollution – and by incorporating inter-regional linkages, allows us to analyse the benefits of acting together. It’s important to understand that in recent years, governments across the region have adopted a range of policies to deal with the problem of air pollution. However, our analysis shows that these efforts fall well short of what’s needed. The full implementation of all current air quality policy measures across South Asia would only achieve a 4% decline in PM2.5 between 2018 and 2030. Large parts of the region would still suffer from toxic air quality and miss even the least-ambitious WHO Interim Target I of 35 micrograms per cubic metre (μg/m³) for PM2.5 .

Clearly, more action is needed to clean the air. But the trouble is, even if each city, region, or country were to increase their ambition, they cannot succeed in bringing pollution levels to within safe thresholds by acting alone. For example, if Delhi, the most polluted capital city in the world, were to fully implement all technically feasible air pollution control measures by 2030, the city would not meet the WHO Interim Target I if neighbouring states and countries continue to follow their current policies. This is because the inflow of pollution from these states and bordering countries accounts for more than 50% of air particulate matter in Delhi.

Why don’t India’s air pollution policies work?
Working together is thus imperative. It would also be much cheaper. If the jurisdictions of the entire South Asia region were to implement all technically feasible solutions to reduce air pollution separately, the average exposure would fall to 17 μg/m³ by 2030. But the cost would be enormous at USD 2.6 billion per μg/m³. However, if there were full coordination, and governments in pollution hotspots were to operate under a common pollution reduction strategy that leverages more cost-effective abatement measures upstream, the average exposure to PM2.5 in South Asia could be cut to 30 μg/m³ at a cost of just USD 278 million per μg/m³.

In a cost-effective pollution reduction scenario, policy would focus much more on low-cost measures outside city centres. For example, in parts of the Indo-Gangetic plain, 30% of air pollution comes from household biomass burning. Therefore, reducing sources of household air pollution through business models to promote clean cooking – as demonstrated in a successful pilot in Bihar – should be one of the highest priorities to improve ambient air quality. Other critical interventions include an increased focus on sources of secondary particulate matter, including agriculture and vehicle emissions.

While cooperative air pollution abatement will require some investment in both time and money, the economic benefits far outweigh the costs. In the full coordination scenario mentioned above, more than 750,000 lives would be saved annually, at a cost of just USD 7,600 per life saved. Other direct economic benefits from lower air pollution include reduced health expenditure and increased workplace productivity.

Helping South Asia breathe easier
The following measures could facilitate cooperation across local and national administrative boundaries:

Start with better data. South Asian countries could collaborate to install monitors at critical points throughout an airshed to generate credible scientific data, and work together to build the institutional capacity to analyse it. This has been done in other parts of the world, including ASEAN countries, Europe, China, and the United States.
Once the monitoring systems have been created, countries could establish joint airshed targets to track emissions within and across countries and encourage the adoption of cost-effective solutions. This could include sharing experiences in tackling key sources of air pollution in South Asia, including household burning of biomass fuel; brick kilns and ovens; burning of agricultural residue; and open burning of municipal waste, as well as sources of secondary particulate matter like fertiliser, vehicle emissions, and large industry stacks.

With good tracking mechanisms and joint targets in place, the region could begin to mainstream air quality in the economy by establishing emissions trading schemes so that cleaner and greener technologies become more competitive. The city of Surat in Gujarat, India, reduced particulate matter emissions by 24% through an innovative local emissions trading scheme. Much more would be possible if such schemes were extended across an airshed.

We take one breath every three seconds – around 38,000 breaths per day. Clean air is essential for our health, and tackling air pollution is imperative to passing on a better world for future generations. As people across South Asia demand cleaner air, their leaders will need to work together to deliver results.

This work was originally published on the third pole. The article is part of a collaborative editorial series between the World Bank, ICIMOD and The Third Pole that brings together climate experts and regional voices on “Regional Cooperation for Climate Resilience in South Asia”. The views and opinions expressed by the author are their own. The series has been funded by the United Kingdom’s Foreign, Commonwealth and Development Office through the Program for Asia Resilience to Climate Change – a trust fund administered by the World Bank.

Nepal thrash Bhutan by 4-0 in SAFF U-20 Women’s Championship

On Sunday, Amisha Karki scored three goals in Nepal’s 4-0 victory against Bhutan in the SAFF U-20 Women’s Championship at the Bir Shrestha Shaheed Shipahi Mostafa Kamal Stadium in Dhaka. Karki began the scoring in the 19th minute and added another goal before the first half injury time.

Captain Preeti Rai increased the lead to 3-0 in the 61st minute and Karki completed her hat-trick two minutes later. In their opening match, Nepal lost 3-1 to the host team Bangladesh, while India defeated Bhutan 12-0.

The tournament includes four teams and the top two after the league round will advance to the final. Nepal will play against India in their final league match on February 7th.

Pakistan’s former President Musharraf dies aged 79

ISLAMABAD: Pakistan’s former president General Pervez Musharraf, who seized power in a coup in 1999, passed away aged 79 on Sunday.

Musharraf, who was Pakistan’s President between 2001 and 2008, died in Dubai after a long illness, BBC reported.

The former general was suffering from amyloidosis – a rare disease that causes organ damage. He had long been bedridden and wheelchair-bound.

In a brief statement released by the military’s media wing, senior military personnel expressed their “heartfelt condolences” on the demise of the former military ruler.

“May Allah bless the departed soul and give strength to [his] bereaved family.”

Pakistan Prime Minister Shehbaz Sharif offered his condolences to Musharraf’s family on social media. “May the departed soul rest in peace,” he tweeted.

President Arif Alvi prayed “for eternal rest of the departed soul and courage to the bereaved family to bear this loss”, his office said in a statement.

He had survived numerous assassination attempts, and found himself on the front line of the struggle between militant Islamists and the West, according to the report.

Indian finance chief shrugs off effects of row over Adani Enterprises

NEW DELHI — Indian Finance Minister Nirmala Sitharaman on Saturday denied that the country’s position in the global finance market was affected in the wake of Adani Enterprises’ Follow on Public Offer (FPO) pull-out and the subsequent prevailing financial condition of the private conglomerate.

The FPO pull-out was followed by a steep decline in Adani Enterprises’ shares value, and a report by U.S.-based “Hindenburg Research”.

The Adani Enterprises, owned by Gautam Adani, has lost over 118 billion U.S. dollars over the past few days, ever since the report by “Hindenburg Research” rocked the Indian economy, alleging “improper use” by the company of offshore tax havens, while flagging concerns about high debt and the valuations of its seven listed companies.

Till a few days ago Gautam Adani was the second richest person in the world, but ever since the controversies rocked his company he fell out of the list of top 20 richest persons.

Commenting on the row surrounding Adani Enterprises, the finance minister cited the country’s growing foreign reserves to support her argument.

“Don’t think so. Foreign Exchange Reserve in the last two days has gone up by 8 billion U.S. dollars. Our macroeconomic fundamentals or economy’s image haven’t been affected,” she told media(Xinhua)

Two Stones From Nepal Reach Ayodhya

Ayodhya — Two stones from Nepal, believed to be used for the construction of Lord Ram’s idol, arrived in Ayodhya.
Priests and locals welcomed the holy stones and performed rituals before handing them over to the Shri Ram Janmabhoomi Teerth Kshetra Trust.

The stones, known as Shaligrams, were found in the Kali Gandaki River in Nepal and are expected to be used for the idols of Lord Ram and Janaki.

The stones, weighing 18 tons and 16 tons, have been approved both technically and scientifically for use in the construction. The stone convoy passed through Pipraun Girjasthan in Madhubani, Bihar, and made night stops in Muzaffarpur and Gorakhpur before reaching Ayodhya.

A bow is also expected to be sent from the Janaki Temple in the future, as specified by the Ram temple Trust.

India reduces grant to Nepal to Rs 8.8 billion

Kathmandu: The government of India has reduced its annual grant to Nepal.

The Indian government, announcing the annual budget for the Fiscal Year 2023-2024, reduced the annual grant to Nepal to INRs 5.50 billion [8.8 billion Nepali rupees]. Last year, India provided INR 7.50 billion in grants to Nepal.

Indian Finance Minister Nirmala Sitharaman presented the budget in Parliament on Wednesday.

In the Fiscal Year 2021-22, the southern neighbor allocated a total of INR 4.46 billion in grants for Nepal.

Bhutan stands at the top of countries receiving grants from India. 

Presenting the union budget, Indian Finance Minister Sitharaman the Indian government has allocated INRs 24 billion for Bhutan, INRs 2 billion for Bangladesh, INRs 2 billion for Afghanistan, INRs 1 billion for Sri Lanka, Rs 4 billion for the Maldives. ( From : Nepal live today)

Chinese envoy voices readiness to promote cooperation with SAARC

KATHMANDU — Chen Song, Chinese Ambassador to Nepal and the South Asian Association for Regional Cooperation (SAARC), on Tuesday voiced readiness to promote mutually beneficial cooperation between China and the regional bloc.

As an observer in the SAARC, China appreciates the group’s role in advancing regional cooperation and values bilateral ties, Chen said while presenting his letter of appointment to Esala Ruwan Weerakoon, the SAARC’s secretary general.

“I’m ready to strengthen exchanges and communications with the SAARC Secretariat during my tenure and advance mutually beneficial cooperation between China and the SAARC in each field,” he added.

For his part, Weerakoon appreciated China’s efforts to develop relations with South Asian countries as well as the valuable support and help offered to the SAARC by China.

The SAARC comprises eight member states, namely Afghanistan, Bangladesh, Bhutan, India, the Maldives, Nepal, Pakistan and Sri Lanka. (Xinhua)

India to remain fastest-growing large economy in 2023 and 2024: IMF

Washington [US], January 31 (ANI): The International Monetary Fund (IMF) on Tuesday projected India’s growth to be 6.1 per cent in 2023 from 6.8 per cent in 2022, though the country will remain the fastest-growing large economy in 2023 and 2024.
The international agency on Tuesday released the January update of its World Economic Outlook, according to which the global growth is projected to fall from an estimated 3.4 per cent in 2022 to 2.9 per cent in 2023, then rise to 3.1 per cent in 2024.
The IMF in its note said: “Growth in India is set to decline from 6.8 per cent in 2022 to 6.1 per cent in 2023 before picking up to 6.8 per cent in 2024, with resilient domestic demand despite external headwinds.”
According to the report, growth in emerging and developing Asia is expected to rise in 2023 and 2024 to 5.3 per cent and 5.2 per cent, respectively, after the deeper-than-expected slowdown in 2022 to 4.3 per cent attributable to China’s economy.
“Our growth projections actually for India are unchanged from our October Outlook. We have 6.8 per cent growth for this current fiscal year, which runs until March, and then we’re expecting some slowdown to 6.1 per cent in fiscal year 2023. And that is largely driven by external factors,” Pierre-Olivier Gourinchas, Chief Economist and Director, Research Department, IMF, told reporters here.
According to the update, growth in China is projected to rise to 5.2 per cent in 2023, reflecting rapidly improving mobility, and to fall to 4.5 per cent in 2024 before settling at below 4 per cent over the medium term amid declining business dynamism and slow progress on structural reforms.
The Chief Economist and Director also said “Overall, I want to point out that emerging market economies on the whole and developing economies seem to be already on their way up. We have a slight increase in growth for the region from 3.9 per cent in 2022 to 4 per cent in 2023.”
The January update also said growth in the ASEAN-5 countries (Indonesia, Malaysia, Philippines, Singapore, Thailand) is similarly projected to slow to 4.3 per cent in 2023 and then pick up to 4.7 per cent in 2024.
“Another relevant point here is that if we look at both China and India together, they account for about 50 per cent of world growth in 2023. So a very significant contribution,” Olivier Gourinchas said.
On inflation, IMF in its report said, “About 84 per cent of countries are expected to have lower headline (consumer price index) inflation in 2023 than in 2022. Global inflation is set to fall from 8.8 per cent in 2022 (annual average) to 6.6 per cent in 2023 and 4.3 per cent in 2024 –above pre-pandemic (2017-19) levels of about 3.5 per cent.”
IMF said the projected disinflation partly reflects declining international fuel and nonfuel commodity prices due to weaker global demand. It also reflects the cooling effects of monetary policy tightening on underlying (core) inflation, which globally is expected to decline from 6.9 per cent in the fourth quarter of 2022 (year over year) to 4.5 per cent by the fourth quarter of 2023.
“Still, disinflation will take time: by 2024, projected annual average headline and core inflation will, respectively, still be above pre-pandemic levels in 82 per cent and 86 per cent of economies,” IMF said in its January update. (ANI)