From UPSC perspective, the following things are important :
Prelims level : GER
Mains level : Not Much
The World Bank has released its Global Economic Prospects (GEP) 2020 report.
Try this PYQ from CSP 2019
Q.) The Global Competitiveness Report is published by the-
(a) International Monetary Fund
(b) United Nations Conference on Trade and Development
(c) World Economic Forum
(d) World Bank
Global Economic Prospects (GEP)
- GEP is a World Bank Group flagship report that examines global economic developments and prospects, with a special focus on emerging market and developing economies.
- It is issued twice a year, in January and June.
- The January edition includes in-depth analyses of topical policy challenges while the June edition contains shorter analytical pieces.
Summary of the report
In a nutshell, the outlook for the global economy for 2020 has darkened, amid slowing activity and heightened downside risks.
1) On poverty
- The scope and speed with which the COVID-19 pandemic and economic shutdowns have devastated the poor around the world are unprecedented in modern times.
- Current estimates show that 60 million people could be pushed into extreme poverty in 2020.
2) Policy choices
- Policy choices made today — include greater debt transparency to invite new investment, foster advances in digital connectivity, and a major expansion of cash safety nets for the poor.
- The financing and building of productive infrastructure are among the hardest-to-solve development challenges in the post-pandemic recovery.
3) Emerging Market and Developing Economies (EMDEs)
- EMDEs face health crises, restrictions and external shocks like falling trade, tourism and commodity prices, as well as capital outflows.
- These countries are expected to have a 3-8% output loss in the short term, based on studies of previous pandemics, as per the analysis.
- Growth is likely to slow more in commodity-exporting EMDEs than in commodity-importing ones.