New Delhi, Oct. 21 -- It is a paradox universally acknowledged, albeit with a trace of scepticism, that the global economy is showing remarkable "resilience." The International Monetary Fund's (IMF) global economic outlook released last week used the word often.

Coincidentally, the Financial Times' editorial just a couple of days before applauded "the remarkable resilience of the global economy." And, last week, finance minister Nirmala Sitharaman used the word yet again to describe the Indian economy. It is still more than a month before Oxford University Press declares its word of the year, but "resilience" must be a front-runner.

Even more remarkable, publications such as FT and The Economist, have gracefully pirouetted from dire pre...