Northeast News – FM on conflict in West Asia: Concerns back on fuel, inflation | Business News

by Guwahati_City


Referring to the conflict in West Asia, Finance Minister Nirmala Sitharaman Friday said concerns about fuel are back again among many countries, along with uncertainties about the resultant impact on food security, inflation and fragmentation of supply chains.

Speaking after the conclusion of the G20 Finance Ministers and Central Bank Governors Meeting in Marrakech, Morocco, Sitharaman also said that developing economies are the engine of growth for the world and even though there might be some impact of high interest rates in other countries, it won’t be the only factor influencing investment between countries.

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“I find that it is going to be a very clear signal towards growth, wanting growth to push and spread as a positive contagion to all other terrains, and that will be one of the impacts that most of us are recognising. However, the recent crisis in the Middle East and the concerns about fuel back again are worries which many countries do hold and they expressed as well. So the concerns and uncertainties are about peace as a positive factor, fuel concerns affecting food security aspects and therefore the inflation to that end, and the fragmentation of supply chains… these were the three concerns thinking about the near future,” she said.

Asked about the impact of high interest rates on investment flows, Sitharaman said high interest rates won’t be the only factor to influence investment, noting that emerging markets and developing countries are the engines of growth.

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“…if growth is happening significantly, it is in these emerging markets and that is why the popular belief backed by data is that the emerging markets and developing economies are the engines of growth for the world. Whereas on the other hand, you have interest rates being high for sometime and long as it’s being foreseen. Because of that there can be an impact on investment flows between countries. However, because these sustained growth momentum is seen in emerging markets, investment flows are not going to be influenced only by interest rates remaining high and confine themselves to those locales where it is high,” she said.

 





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