{
  "id": 10714504,
  "title": "Global economy is shifting East, Global South must seize the moment: Shaktikanta Das",
  "url": "https://urgent.news/2026/09/29/global-economy-is-shifting-east-global-south-must-seize-the-moment",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-29T14:11:56.000Z",
  "source": {
    "name": "The Economic Times - Economy",
    "slug": "the-economic-times-economy",
    "url": "https://economictimes.indiatimes.com/news/economy/policy/global-economy-is-shifting-east-global-south-must-seize-the-moment-shaktikanta-das/articleshow/134568633.cms"
  },
  "original_language": "en",
  "account": "The global economic landscape is evolving, with a shift towards the East presenting new opportunities for economies in the Global South, according to Shaktikanta Das, Principal Secretary-2 at India's Prime Minister Office. However, this transition also brings heightened risks, including energy shocks, trade barriers, and geopolitical uncertainty, as reported by PTI.\n\nDas emphasized that countries in the Global South must capitalize on this shift by focusing on food security, trade diversification, energy transition, macroeconomic stability, and job creation. He highlighted the increasing footprint of the Global South in global economics and geopolitics, stating that the economic gravity of the world is shifting eastward.\n\nDespite these opportunities, Das acknowledged the challenges facing the Global South, citing the ongoing conflict in West Asia, which has driven up energy prices and renewed inflationary pressures. These factors could hinder global growth and consumer purchasing power, particularly affecting countries that are net energy importers. He underscored the vulnerability of these economies to higher energy costs, which can strain fiscal resources and foreign exchange reserves.\n\nTo mitigate these risks, Das advocated for diversifying the energy mix to reduce dependence on imports and strengthen domestic resilience. This includes increasing the use of renewables and biofuels, as well as fostering coordination, technology transfer, and knowledge sharing among Global South nations to enhance energy security and facilitate the transition.\n\nTrade remains a critical area of concern, with protectionist policies and tariff challenges exacerbating the situation. Das stressed the need for Global South countries to bolster the competitiveness, reliability, and efficiency of their firms to navigate increased trade barriers.\n\nMacroeconomic stability is another pressing issue, as governments strive to protect consumers from rising energy and commodity prices while managing the economic fallout from conflicts. This could lead to higher indebtedness, tighter monetary conditions, and increased debt servicing costs, especially in countries already burdened with large fiscal deficits.\n\nJob creation is also a critical challenge, with roughly 1.2 billion young people in emerging market and developing economies entering the workforce over the next decade. Das emphasized the importance of rapid urbanization and targeted investments to generate sufficient employment opportunities in rapidly growing urban centers.\n\nDespite these challenges, Das affirmed that the Global South has steadily contributed to global growth and remains poised for further development and structural reforms. He viewed the current economic transition as a pivotal moment, particularly for countries committed to development and reforms. However, achieving this potential requires addressing widespread issues such as poverty, debt vulnerabilities, infrastructure gaps, climate change, food and energy insecurity, and limited access to technology.",
  "summary": "The Principal Secretary-2 Shaktikanta Das outlined the challenges and opportunities facing Global South economies during recent discussions. Energy shocks, trade barriers, and geopolitical uncertainties pose significant risks for these nations as they adapt. Strategies focused on food security, trade diversification, and job creation are essential for future resilience. Additionally, rising…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Ghana Business News",
        "title": "Ghana’s economy demonstrating resilience amid global economic downturn – S&P Global",
        "url": "https://urgent.news/2026/09/29/ghanas-economy-demonstrating-resilience-amid-global-economic-downturn",
        "published": "2026-09-29T15:24:41.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}