‘Global Economic Prospects Report’
Recently the World Bank has released the ‘Global Economic Prospects Report’.
Key findings Global Economic Prospects Report:
The global economic growth rate is expected to decelerate to 4.1% in the year 2022 and 3.2% in the year 2023. It was 5.5% in the year 2021. India’s annual growth rate is estimated to be 8.3 percent in the current financial year, 8.7 percent in the year 2022-23 and 6.8 percent in the year 2023-24.
Special risks in the context of South Asia
- The spread of Omicron will hamper economic activity by restricting movement and reducing external demand.
- The region remains vulnerable to poverty, disease, child mortality and climate-induced increases in food prices.
Source – The Hindu