Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
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Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 151
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 97
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

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        LATEST NEWS UPDATES | Macro policy for uncertain times -Sonal Varma    </title>
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External storms are morphing into hurricanes. India is in a relatively better position than many other countries, but this period of heightened volatility will require agility and clarity on policy

Despite recovering from the pandemic, repeated global shocks have presented..."/>
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External storms are morphing into hurricanes. India is in a relatively better position than many other countries, but this period of heightened volatility will require agility and clarity on policy

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                            <p style="text-align:justify">-Business Standard</p><p style="text-align:justify"><em>External storms are morphing into hurricanes. India is in a relatively better position than many other countries, but this period of heightened volatility will require agility and clarity on policy</em></p><p style="text-align:justify">Despite recovering from the pandemic, repeated global shocks have presented numerous challenges for India&rsquo;s economy this year, driving inflation and evoking balance of payments (BoP) pressures. These shocks will likely persist for much longer.&nbsp;</p><p style="text-align:justify">In the US, even amidst signs of weakening growth, underlying inflation remains too high for the Fed to pivot; we expect the fed funds rate to rise to 5.25-5.50 per cent by early next year, which means further market repricing is likely. The synchronised global tightening, inventory destocking and the cost of living crisis mean that the world is in the midst of a synchronised global growth downturn, akin to the early 1980s. We expect recessions across major developed economies, with gross domestic product (GDP) growth likely to contract in 2023 across the US (-1.1 per cent, year-on-year), euro area (-1.6 per cent) and the UK (-1.4 per cent).</p><p style="text-align:justify">Geopolitical risks also remain, with signs of escalation in the Russia-Ukraine war and US-China tech tensions. The outlook for commodity prices, especially food and energy, remains uncertain, considering the tug-of-war between weak demand and potential supply shocks. A higher commodity price floor, even amidst a recession, cannot be ruled out. Following decades of debt build-up during a period of low interest rates, financial stability risks could materialise anywhere and at any time.</p><p style="text-align:justify">Please <a href="https://wap-business--standard-com.cdn.ampproject.org/c/s/wap.business-standard.com/article-amp/opinion/macro-policy-for-uncertain-times-122101201337_1.html" title="https://wap-business--standard-com.cdn.ampproject.org/c/s/wap.business-standard.com/article-amp/opinion/macro-policy-for-uncertain-times-122101201337_1.html">click here</a> to read more.&nbsp;</p>                                                           
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                            <p style="text-align:justify">-Business Standard</p><p style="text-align:justify"><em>External storms are morphing into hurricanes. India is in a relatively better position than many other countries, but this period of heightened volatility will require agility and clarity on policy</em></p><p style="text-align:justify">Despite recovering from the pandemic, repeated global shocks have presented numerous challenges for India&rsquo;s economy this year, driving inflation and evoking balance of payments (BoP) pressures. These shocks will likely persist for much longer.&nbsp;</p><p style="text-align:justify">In the US, even amidst signs of weakening growth, underlying inflation remains too high for the Fed to pivot; we expect the fed funds rate to rise to 5.25-5.50 per cent by early next year, which means further market repricing is likely. The synchronised global tightening, inventory destocking and the cost of living crisis mean that the world is in the midst of a synchronised global growth downturn, akin to the early 1980s. We expect recessions across major developed economies, with gross domestic product (GDP) growth likely to contract in 2023 across the US (-1.1 per cent, year-on-year), euro area (-1.6 per cent) and the UK (-1.4 per cent).</p><p style="text-align:justify">Geopolitical risks also remain, with signs of escalation in the Russia-Ukraine war and US-China tech tensions. The outlook for commodity prices, especially food and energy, remains uncertain, considering the tug-of-war between weak demand and potential supply shocks. A higher commodity price floor, even amidst a recession, cannot be ruled out. Following decades of debt build-up during a period of low interest rates, financial stability risks could materialise anywhere and at any time.</p><p style="text-align:justify">Please <a href="https://wap-business--standard-com.cdn.ampproject.org/c/s/wap.business-standard.com/article-amp/opinion/macro-policy-for-uncertain-times-122101201337_1.html" title="https://wap-business--standard-com.cdn.ampproject.org/c/s/wap.business-standard.com/article-amp/opinion/macro-policy-for-uncertain-times-122101201337_1.html">click here</a> to read more.&nbsp;</p>                                                           
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                            <p style="text-align:justify">-Business Standard</p><p style="text-align:justify"><em>External storms are morphing into hurricanes. India is in a relatively better position than many other countries, but this period of heightened volatility will require agility and clarity on policy</em></p><p style="text-align:justify">Despite recovering from the pandemic, repeated global shocks have presented numerous challenges for India&rsquo;s economy this year, driving inflation and evoking balance of payments (BoP) pressures. These shocks will likely persist for much longer.&nbsp;</p><p style="text-align:justify">In the US, even amidst signs of weakening growth, underlying inflation remains too high for the Fed to pivot; we expect the fed funds rate to rise to 5.25-5.50 per cent by early next year, which means further market repricing is likely. The synchronised global tightening, inventory destocking and the cost of living crisis mean that the world is in the midst of a synchronised global growth downturn, akin to the early 1980s. We expect recessions across major developed economies, with gross domestic product (GDP) growth likely to contract in 2023 across the US (-1.1 per cent, year-on-year), euro area (-1.6 per cent) and the UK (-1.4 per cent).</p><p style="text-align:justify">Geopolitical risks also remain, with signs of escalation in the Russia-Ukraine war and US-China tech tensions. The outlook for commodity prices, especially food and energy, remains uncertain, considering the tug-of-war between weak demand and potential supply shocks. A higher commodity price floor, even amidst a recession, cannot be ruled out. Following decades of debt build-up during a period of low interest rates, financial stability risks could materialise anywhere and at any time.</p><p style="text-align:justify">Please <a href="https://wap-business--standard-com.cdn.ampproject.org/c/s/wap.business-standard.com/article-amp/opinion/macro-policy-for-uncertain-times-122101201337_1.html" title="https://wap-business--standard-com.cdn.ampproject.org/c/s/wap.business-standard.com/article-amp/opinion/macro-policy-for-uncertain-times-122101201337_1.html">click here</a> to read more.&nbsp;</p>                                                           
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Macro policy for uncertain times -Sonal Varma

Published on Oct 13, 2022   Modified on Oct 13, 2022

-Business Standard External storms are morphing into hurricanes. India is in a relatively better position than many other countries, but this period of heightened volatility will require agility and clarity on policy Despite recovering from the pandemic, repeated global shocks have presented numerous challenges for India’s economy this year, driving inflation and evoking balance of payments (BoP) pressures. These shocks will likely persist for much longer.  In the US, even amidst signs of weakening growth, underlying inflation remains too high for the Fed to pivot; we expect the fed funds rate to rise to 5.25-5.50 per cent by early next year, which means further market repricing is likely. The synchronised global tightening, inventory destocking and the cost of living crisis mean that the world is in the midst of a synchronised global growth downturn, akin to the early 1980s. We expect recessions across major developed economies, with gross domestic product (GDP) growth likely to contract in 2023 across the US (-1.1 per cent, year-on-year), euro area (-1.6 per cent) and the UK (-1.4 per cent). Geopolitical risks also remain, with signs of escalation in the Russia-Ukraine war and US-China tech tensions. The outlook for commodity prices, especially food and energy, remains uncertain, considering the tug-of-war between weak demand and potential supply shocks. A higher commodity price floor, even amidst a recession, cannot be ruled out. Following decades of debt build-up during a period of low interest rates, financial stability risks could materialise anywhere and at any time. Please click here to read more.

Business Standard, 13 October, 2022, https://wap-business--standard-com.cdn.ampproject.org/c/s/wap.business-standard.com/article-amp/opinion/macro-policy-for-uncertain-times-122101201337_1.html

Tagged with: global shocks Economic Downturn Economic Slowdown Interest Rate Monetary policy Inflation Food inflation Food prices Energy prices weak global demand cost of living real wages Retail inflation Consumer Price Index current account deficit fiscal deficit Macroeconomic stability

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