Davos 2019: WIPRO CEO disagrees with IMF report on economic slowdown

Wipro CEO Abidali Neemuchwala has contradicted the IMF reports by saying that numbers doesn't show the economic slowdown. While talking to WION at Davos 2019, Neemuchwala  said that he doesn't see black clouds over the economy. 

"We should be watchful and be prepared for the worst but I don't see any dark clouds", Neemuchwala said to WION reporter. He also added that Indian IT sector is poised for a transformation and the sector has grown with a fast pace last year. 

.@Wipro CEO differs with IMF report.@joinsumit #Davos2019 #WEF19 #WIONAtDavos pic.twitter.com/JKcFTRUE2h

— WION (@WIONews) January 22, 2019

On Monday IMF Chief Economist Gita Gopinath, flagged weakening global growth at a rate higher than expected and said emerging economies are also facing risks triggered by capital flows due to US actions and currency depreciation.

IMF has projected global growth at 3.5 per cent in 2019 and 3.6 per cent in 2020, 0.2 and 0.1 percentage point below its October projections.Notwithstanding the modest downward revisions, Gopinath said risks to more significant downward corrections are rising.

While financial markets in advanced economies appeared to be decoupled from trade tensions for much of 2018, the two have become intertwined more recently, tightening financial conditions and escalating the risks to global growth, she added.