World Economic Outlook report released
Part of: GS Prelims and GS-III – Economy
- World Economic Outlook October 2020 report titled, “A Long and Difficult Ascent” was recently released.
- Released by: international Monetary Fund
- According to the report, Global output is projected to shrink 4.4% in 2020.
- After 2021, global growth is expected to be moderate at 3.5% in the medium term.
Key findings for India
- India’s economy is expected to contract 10.3% in the current fiscal year due to COVID-19 pandemic.
- There will be a downgrade of 5.8 percentage points from its June forecast.
- It is expected to rebound in April 2021 with 8.8% growth — an upgrade of 2.8% compared to the June update.
- Consumer prices are expected to grow at 4.9% in 2020 and by 3.7% in 2021.
- The current account balance is projected to grow by 0.3% in 2020 and -0.9% in 2021.