Global Economic Prospects Report by World Bank

Global Economic Prospects Report by World Bank

Part of: GS Prelims and GS -III – Economy

In news

• 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

• Ease of Doing Business.

• Human Capital Index.
• World Development Report.
• Migration and Development Brief.
• Global Economic Prospects.