World Economic Situation And Prospects 2020 – Economics – Free PDF Download

CURRENT AFFAIR

• The United Nations Conference on Trade and Development (UNCTAD), United Nations Department  of Economic and Social Affairs (UN DESA) and the  five United Nations Regional Economic Commissions  have jointly released the World Economic Situation  and Prospects 2020 (WESP) recently.

RELEVANCE

• GS Paper 2 and 3
• International institutions
• Growth and Development

DETAILS

• The report warns about strong economic risks, deep political polarization and increasing scepticism about  the benefits of multilateralism.

FINDINGS ABOUT INDIA

• India needs to implement structural reforms to face a global as well as Indian economic slowdown.
• The combination of fiscal stimulus, loose monetary policy and financial sector reforms is expected to  support a recovery in growth to 6.6 %.
• The report also indicated that India may be among the few countries where the per capita GDP growth rate  could exceed 4 % in 2020.

Fiscal Stimulus

• It refers to an increase in public spending or a reduction in the level of taxation by a government so  as to put more money in the hands of consumers.
• It is an attempt to encourage and support economic

World’s fastest-growing region

• East Asia
• It also remains the largest contributor to global

Growth in large emerging countries

• Brazil, India, Mexico, Russia and Turkey are expected to gain economic momentum in 2020.

Shift in Global economic decision  power

• The shift in global economic decision-making power from the EU, the US and other developed countries  towards China, India and other developing countries  has been observed.

Per capita income

• Per capita income measures the average income earned per person in a given area in a specified year.
• One in five countries will see per capita income stagnate or decline in 2020.

Poverty reduction

• The share of the population living in extreme poverty has declined steadily and significantly over the past  few decades, largely owing to successful experiences in  China and India.

Impact of climate change

• Climate disruption poses a serious and growing threat to short- and long-term economic prospects.

Roadblocks for Sustainable Development Goals

• The prolonged weakness in global economic activity may severely impact the implementation of  Sustainable Development Goals.

UNCTAD

• United Nations Conference on Trade and Development (UNCTAD) was established in 1964 to  promote development-friendly integration of  developing countries into the world economy.
• UNCTAD is a permanent intergovernmental body headquartered at Geneva in Switzerland.

OTHER PUBLICATIONS

• Trade and Development Report
• World Investment Report
• The Least Developed Countries Report
• Information and Economy Report
• Technology and Innovation Report
• Commodities and Development Report

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