Global Economic Prospects Report by World Bank
Part of: GS Prelims and GS -III – Economy
- Recently, the World Bank has released its June 2021 Global Economic Prospects
- It has forecast India’s GDP growth to be 8.3% for the year 2021-22.
- India’s economy is expected to grow at 7.5% for 2022-23 and 6.5% for 2023-24.
Key findings of the report
- The world economy is expected to expand at 5.6%, the fastest post-recession growth rate in eighty years.
- However, global output will still be 2% below pre-pandemic projections by year-end.
- India’s recovery is being hampered by the largest outbreak of any country since the beginning of the pandemic.
- The forecast for FY22 (8.3%) takes into account expected economic damage from an enormous second Covid-19 wave and localised mobility restrictions since March 2021.
- For 2022-23, growth is expected to slow to 7.5% as a result of the pandemic’s effects on the financial position of households, companies and banks.
Suggestions by the report
- Globally coordinated efforts are essential to accelerate vaccine distribution and debt relief, particularly for low-income countries.
- Policymakers need to address the pandemic’s lasting effects.
- They need to take steps to stimulate green, resilient, and inclusive growth.
Major Reports by the World Bank
- Human Capital Index.
- World Development Report.
- Migration and Development Brief.
- Global Economic Prospects.