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UNCTAD Trade & Development report 2021

  • IASbaba
  • October 7, 2022
  • 0
International Relations
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In News: India’s economic growth is expected to decline to 5.7% this year from 8.2% in 2021, the UNCTAD Trade and Development Report 2022. It is expected to decline to 4.7% in the year 2023-24.

  • The UNCTAD report said India experienced an expansion of 8.2% in 2021, the strongest among G20 countries. As supply chain disruptions eased, rising domestic demand turned the current account surplus into a deficit and growth decelerated.

Concerns:

  • Higher financing cost and weaker public expenditures
  • High level of joblessness and distress –  5,907 MSMEs have shut shop in the last two years.
  • Lack of contribution by the informal sector –  2017-18 contribution was as much as 52% which has now plummeted to less than 20%.
  • Unemployment levels have consistently remained well above 8% for the past two years.

About Trade and Development Report:

  • It is an annual report released by UNCTAD
  • It provides comprehensive and authoritative analysis of economic trends and policy issues of international concern.
  • It offers recommendations for building a global economy that ensures better future for all people and the planet.
  • It concerns itself with economic and social damage caused by financial crises, growing debt, stagnant wages and environmental degradation.
  • It is intended for economists, policy makers, academics and all those involved in economic and trade research and analysis.
  • The 2021 report is titled “From recovery to resilience: The Development Dimension”

Source: The Hindu

Previous Year Question

Q.1) Global Financial Stability Report’ is prepared by the (2016):

  1. European Central Bank
  2. International Monetary Fund
  3. International Bank for Reconstruction and Development
  4. Organization for Economic Cooperation and Development

 

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