"Work closely together to build resilient and regenerative India- Sri Lanka partnership”: Colonne

Following are special remarks delivered by High Commissioner of Sri Lanka to India Mahishini Colonne, at the roundtable on 'Deepening India-Sri Lanka trade and economic cooperation in uncertain global economic times', organised by CUTS International and ODI Global and held on Friday 4 July, at the India International Centre (IIC), New Delhi

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SHRI Bipul Chattopadhyay, Executive Director of CUTS International; Distinguished pan-ellists; Distinguished Guests; Friends; Ladies and Gentlemen, It's an honour to be here at this roundtable this evening. Thank you for inviting me.

The title of this roundtable very clearly describes the global economic circumstances that prevail at the moment as "Uncertain". With each passing day, the uncertainty appears to get more and more acute. Unravelling of the rules-based order, supply chain disruptions, climate shocks, food and energy insecurity, geopolitical tensions and increasing disorder - indicating an obvious shift from the post-World War II global order that we had all got used to.

The IMF's April 2025 World Economic Outlook projects a global growth slowdown to 2.8% this year with advanced economies growing at 1.4% and emerging economies at 3.7%. The IMF emphasises the need for policy adjustments and international cooperation to mitigate risks and foster stability. Growth in advanced economies is expect ed to be 1.4% in 2025, with the US projected to slow to 1.8% and the Euro area to 0.8%. Growth in Emerging Markets and Developing Economies (EMDEs) is projected to slow to 3.7%. However, India's econ omy is expected to grow by 6.2% in 2025.

While the IMF report under scores the need for international cooperation to address global imbalances and mitigate the impact of risks, it paints a picture of a global economy facing head winds from various factors, with a need for careful policy navigation and international collaboration to ensure a stable and sustainable recovery.