GFI Lead Economist in the Economic Times Today
June 3rd, 2009
Dev Kar, lead economist at Global Financial Integrity, appeared in the Economic Times of India today. From the article:
The slowdown in economy is unlikely to affect remittances to India, a top banking official said.
“The global economic slowdown has limited impact on remittances to India, which is estimated at three per cent of India’s GDP,” Washington-based Global Financial Integrity (GFI), Lead Economist, Dev Kumar Kar said here.
Speaking on ‘Impact of Financial Crisis on Global Business,’ Kar said, “India has a highly resilient economy and the global slowdown will have limited impact on India’s growth prospect. The economy is forecast to grow at 6.7 per cent in FY 09 and around 6 per cent in FY 10.”
GFI’s recent report on illicit financial flows – authored by Dr. Kar and GFI Economist Devon Cartwright-Smith – stirred up a lot of debate during the May 2009 elections in India. The report, which found that roughly US$1 trillion of illicit money flows out of developing countries every year, also found illicit outflows from India to total between US$22.7 billion and US$27.3 billion annually – placing India either 5th or 6th on the list of countries with the highest outflows of illicit money.
Dr. Kar will be travelling around India throughout the month of June and is available for media appearances.