The consequential economic impact led to widespread downward revisions in GDP projections with some countries, including ours, experiencing GDP contraction, last heard of during the fallout of 2008 Global  Remarks delivered by Shri M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India – on June 16, 2022 - at IMC's 12th Annual Banking & Finance Conference held in Mumbai.
3/5  BIS central bankers' speeches  Challenges in the near term relate to regional and domestic security issues such as on-going tensions between the US and North Korea as well as the still on-going conflict in Marawi which may have a direct impact on business and consumer sentiment as well as on tourism, if prolonged.