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Apr 21, 2010, 08.08 AM IST
India raised interest rates on Tuesday and Canada and Australia signalled they will tighten soon in a clear sign the global economic recovery is taking hold, pressuring more policymakers to shift their focus to keeping inflation in check.
Central banks in much of the Asia-Pacific region have been leading the world in unwinding emergency stimulus measures put in place during the global financial crisis. Their Western counterparts have seen slower and more uneven recoveries, but recent data has been encouraging. The Bank of Canada, noting global growth has been somewhat stronger than projected given the momentum in emerging-market economies, signalled it may tighten policy as soon as June, which will likely make it the first Group of Seven member's central bank to raise rates from emergency levels. "With recent improvements in the economic outlook, the need for such extraordinary policy is now passing," it said in a statement. India and Australia are the only two Group of 20 economies to have raised rates so far.
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