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World recession imminent, Global South to suffer maximum: ex-BRICS Sherpa
The experienced diplomat has previously served in various capacities in Mexico, Brussels, and Cuba, including serving as India's Sherpa for BRICS and I2U2.
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Shikha Salaria - Mon, 08, Jun 2026
- 16:36 EDT
- 27
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File Photo / / Reuters
New Delhi: A world recession is imminent due to the ongoing West Asia crisis, especially if the ceasefire between the US and Iran doesn't stay put and it is the poor from the countries of the Global South who are going to suffer the maximum, former secretary (economic relations) at India's Ministry of External Affairs (MEA) and former diplomat predicted on June 9, adding that over the past three months, the foreign institutional investors (FIIs) have pulled out capital to the tune of USD 25 million from India.
This unprecedented level of flight of capital by the FIIs is due to the depreciation of the Indian rupee, remarked Dammu Ravi, who served as the MEA's secretary (economic relations) till last year. The seasoned diplomat has served as India's Sherpa for BRICS (Brazil, Russia, India, China, and South Africa), IBSA ( India, Brazil, and South Africa Dialogue Forum), and I2U2 (India, Israel, United Arab Emirates and United States) and has served in Mexico, Brussels and Cuba in different capacities in the past.
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