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.
- 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):
- European Central Bank
- International Monetary Fund
- International Bank for Reconstruction and Development
- Organization for Economic Cooperation and Development