worldbank
By Mohammed Kudrati A viral post, claiming that India will become poorer than Bangladesh in 2025, is false. It further states that the data conveying this observation is from the International Monetary Fund's (IMF) World Economic Outlook (WEO) research report. BOOM was able to ascertain that the post misinterprets the said data, which is from October 2020. The claim made by the post is false since it conflates two metrics. While the data show estimates that Bangladesh briefly overtook India in gross domestic product (GDP) per capita in 2020, only for it to reverse in 2021, and predicted to rev...
BOOM Live
By Mohammed Kudrati Several questionable websites have falsely claimed that banknotes of the United States dollar that have been printed prior to 2021 will not be considered legal tender starting January 31, 2023. This move, they claim, is a step in an attempt to curb illegal money housed in Africa earned through kidnapping, terrorism, the drug trade and corruption. These websites, which have content related to Africa, say that the decision to render these US dollars invalid were taken at an extraordinary meeting on November 2, whose participants were the Federal Reserve (the central bank of t...
BOOM Live
By Mohammed Kudrati The International Monetary Fund on Tuesday slashed India's growth forecasts for the ongoing fiscal year (FY) to 6.8% from a previous estimate of 7.4%. On a calendar year basis, India will grow 6.9% from a previous estimate of 7.5% in 2022. "The outlook for India is for growth of 6.8 percent in 2022––a 0.6 percentage point downgrade since the July forecast, reflecting a weaker-than-expected outturn in the second quarter and more subdued external demand––and 6.1 percent in 2023, with no change since July", the report said. The multilateral financial institution released its l...
BOOM Live
By Mohammed Kudrati The World Bank on Thursday cut India's economic growth forecast by a percentage point, to 6.5% from 7.5%, according to its Regional Economic Updates. It joins a legion of institutions such as the International Monetary Fund and the Reserve Bank of India to cut India's growth forecasts as the world teeters on the brink of a recession in advanced economies. Last week, the Reserve Bank of India cut India's growth forecasts by 0.2 percentage points from 7.2% to 7%. Also Read: RBI Hikes Repo Rate By 50 Bps To 5.9% As Rupee Weakens, Inflation Persists In India, a financial year (...
BOOM Live
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