{"id":2942,"date":"2021-01-18T14:33:12","date_gmt":"2021-01-18T09:03:12","guid":{"rendered":"https:\/\/www.classiciasacademy.com\/blog\/?p=2942"},"modified":"2024-06-06T15:34:53","modified_gmt":"2024-06-06T10:04:53","slug":"global-economic-prospects-report","status":"publish","type":"post","link":"https:\/\/www.classiciasacademy.com\/blog\/global-economic-prospects-report\/","title":{"rendered":"Global Economic Prospects Report"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">In News<\/h3>\n\n\n\n<p>According to the Global Economic Prospects (GEP) report, the\nglobal and Indian economic output will expand in 2021-22.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">In-Detail<\/h3>\n\n\n\n<ul>\n<li>According to the<strong> World Bank\u2019s Global Economic Prospects\nReport (GEP)<\/strong>, the global economic output is projected <strong>to grow by 4% in 2021.<\/strong><\/li>\n\n\n\n<li>But the projections\nare 5% below pre-pandemic levels.<\/li>\n\n\n\n<li>For the fiscal year\n2021-22, <strong>India is expected to grow at\n5.4% and 5.2% for the fiscal year 2022-23.<\/strong><\/li>\n\n\n\n<li>For the fiscal year\n2020-21, there was an expected contraction of 9.6%.<\/li>\n\n\n\n<li>The contraction in\nIndia is mostly due to a <strong>sharp\ndecline in household spending and private investment.<\/strong><\/li>\n\n\n\n<li>According to the GEP\nreport, in the informal sector, there was severe\nincome loss which accounts for 4\/5ths of employment.<\/li>\n\n\n\n<li>But there is a\nmomentum of recovery in the manufacturing and service sectors.<\/li>\n\n\n\n<li>In 2021, the rebound\nfrom the low base will be countered by the subdued private investment growth\ndue to financial sector weakness.<\/li>\n\n\n\n<li>With the resurgence of\nthe coronavirus, the global recovery has been dampened.<\/li>\n\n\n\n<li>But this is expected\nto strengthen the trade and consumption supported by the vaccination.<\/li>\n\n\n\n<li>After the 3.6%\ncontraction in 2020, the GDP of the US is expected to grow at 3.5% and the Euro\nat 3.6% in 2021.<\/li>\n\n\n\n<li>In 2021-22, the EMDEs,\nthe Emergency Market, and Developing Economies are expected to grow at an\naverage of 4.6%.<\/li>\n\n\n\n<li>This reflects the above-average rebound of China which is expected at 7.9% and 5.2% in\n2020 and 2021.<\/li>\n\n\n\n<li>The key elements to\nstrengthen the economic recovery will be the change in the economic environment\nand the ability to reduce inequality.<\/li>\n\n\n\n<li>The inequality of\ndownturn is due to the lowest incomes and would take a long term to regain the\njobs, vaccines, healthcare in the post-COVID-19\neconomy.<\/li>\n\n\n\n<li>The global debt levels\nincreased massively due to the pandemic.<\/li>\n\n\n\n<li>The EMDE government\ndebt is expected to increase by 17% points of GDP and the service sector\u2019s output contracts over 9%.<\/li>\n\n\n\n<li>The immediate\npriorities of policymakers are to balance the\nrisks from the large and increasing debt loads with the risks of slowing the\neconomy.<\/li>\n\n\n\n<li>In 2020 due to the\npandemic, the South Asian region\u2019s economy is expected to contract by 6.7%.<\/li>\n\n\n\n<li>As per the GEP report,\nIndia\u2019s deep recession is due to the non-bank financial corporations.<\/li>\n\n\n\n<li>In South Asia, growth\nis expected to be 3.3% in 2021 and 3.8% in 2022.<\/li>\n\n\n\n<li>As per the report,\ndownside risks predominate the growth and include financial distress caused by tightening, corporate bankruptcies,\nunexpected low recoveries across sectors, weather, and climate changes.<\/li>\n\n\n\n<li>Apart from their pandemic, Central Banks in EMDs have deployed asset purchase programs and will help to stabilize financial markets.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<div class=\"mh-excerpt\"><p>In News According to the Global Economic Prospects (GEP) report, the global and Indian economic output will expand in 2021-22. In-Detail<\/p>\n<\/div>","protected":false},"author":1,"featured_media":2943,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[98],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Global Economic Prospects Report - UPSC Current Affairs<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.classiciasacademy.com\/blog\/global-economic-prospects-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Global Economic Prospects Report - UPSC Current Affairs\" \/>\n<meta property=\"og:description\" content=\"In News According to the Global Economic Prospects (GEP) report, the global and Indian economic output will expand in 2021-22. In-Detail\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.classiciasacademy.com\/blog\/global-economic-prospects-report\/\" \/>\n<meta property=\"og:site_name\" content=\"UPSC Current Affairs\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/classiciasacademydelhi\/\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/classiciasacademydelhi\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-18T09:03:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-06T10:04:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.classiciasacademy.com\/blog\/wp-content\/uploads\/2021\/01\/global-economic.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"780\" \/>\n\t<meta property=\"og:image:height\" content=\"439\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Classic IAS Academy\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@classic_ias\" \/>\n<meta name=\"twitter:site\" content=\"@classic_ias\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Classic IAS Academy\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.classiciasacademy.com\/blog\/global-economic-prospects-report\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.classiciasacademy.com\/blog\/global-economic-prospects-report\/\"},\"author\":{\"name\":\"Classic IAS Academy\",\"@id\":\"https:\/\/www.classiciasacademy.com\/blog\/#\/schema\/person\/11f000d5c6a57c5e6f655dd75e8f6096\"},\"headline\":\"Global Economic Prospects Report\",\"datePublished\":\"2021-01-18T09:03:12+00:00\",\"dateModified\":\"2024-06-06T10:04:53+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.classiciasacademy.com\/blog\/global-economic-prospects-report\/\"},\"wordCount\":421,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.classiciasacademy.com\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.classiciasacademy.com\/blog\/global-economic-prospects-report\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.classiciasacademy.com\/blog\/wp-content\/uploads\/2021\/01\/global-economic.jpg\",\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.classiciasacademy.com\/blog\/global-economic-prospects-report\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.classiciasacademy.com\/blog\/global-economic-prospects-report\/\",\"url\":\"https:\/\/www.classiciasacademy.com\/blog\/global-economic-prospects-report\/\",\"name\":\"Global Economic Prospects Report - UPSC Current Affairs\",\"isPartOf\":{\"@id\":\"https:\/\/www.classiciasacademy.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.classiciasacademy.com\/blog\/global-economic-prospects-report\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.classiciasacademy.com\/blog\/global-economic-prospects-report\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.classiciasacademy.com\/blog\/wp-content\/uploads\/2021\/01\/global-economic.jpg\",\"datePublished\":\"2021-01-18T09:03:12+00:00\",\"dateModified\":\"2024-06-06T10:04:53+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/www.classiciasacademy.com\/blog\/global-economic-prospects-report\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.classiciasacademy.com\/blog\/global-economic-prospects-report\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.classiciasacademy.com\/blog\/global-economic-prospects-report\/#primaryimage\",\"url\":\"https:\/\/www.classiciasacademy.com\/blog\/wp-content\/uploads\/2021\/01\/global-economic.jpg\",\"contentUrl\":\"https:\/\/www.classiciasacademy.com\/blog\/wp-content\/uploads\/2021\/01\/global-economic.jpg\",\"width\":780,\"height\":439},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.classiciasacademy.com\/blog\/global-economic-prospects-report\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.classiciasacademy.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Global Economic Prospects Report\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.classiciasacademy.com\/blog\/#website\",\"url\":\"https:\/\/www.classiciasacademy.com\/blog\/\",\"name\":\"UPSC Current Affairs\",\"description\":\"Classic IAS Academy\",\"publisher\":{\"@id\":\"https:\/\/www.classiciasacademy.com\/blog\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.classiciasacademy.com\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.classiciasacademy.com\/blog\/#organization\",\"name\":\"Classic IAS Academy\",\"url\":\"https:\/\/www.classiciasacademy.com\/blog\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.classiciasacademy.com\/blog\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.classiciasacademy.com\/blog\/wp-content\/uploads\/2019\/02\/logo-new.jpg\",\"contentUrl\":\"https:\/\/www.classiciasacademy.com\/blog\/wp-content\/uploads\/2019\/02\/logo-new.jpg\",\"width\":250,\"height\":250,\"caption\":\"Classic IAS Academy\"},\"image\":{\"@id\":\"https:\/\/www.classiciasacademy.com\/blog\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/classiciasacademydelhi\/\",\"https:\/\/x.com\/classic_ias\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.classiciasacademy.com\/blog\/#\/schema\/person\/11f000d5c6a57c5e6f655dd75e8f6096\",\"name\":\"Classic IAS Academy\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.classiciasacademy.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/411fc09724e0323267c6a03a0c91cf19?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/411fc09724e0323267c6a03a0c91cf19?s=96&d=mm&r=g\",\"caption\":\"Classic IAS Academy\"},\"description\":\"Classic IAS Academy is at the forefront of providing best IAS coaching in delhi, India. The Academy helps the aspirants to tap their innate analytical power to become successful in the exam.\",\"sameAs\":[\"https:\/\/www.classiciasacademy.com\/\",\"https:\/\/www.facebook.com\/classiciasacademydelhi\/\",\"https:\/\/www.instagram.com\/classicias\/\",\"https:\/\/in.pinterest.com\/classiciasacademy\/\",\"https:\/\/x.com\/classic_ias\",\"https:\/\/www.youtube.com\/channel\/UCeW_rb11JEfX6WwhRVzoXIQ\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Global Economic Prospects Report - UPSC Current Affairs","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.classiciasacademy.com\/blog\/global-economic-prospects-report\/","og_locale":"en_US","og_type":"article","og_title":"Global Economic Prospects Report - UPSC Current Affairs","og_description":"In News According to the Global Economic Prospects (GEP) report, the global and Indian economic output will expand in 2021-22. In-Detail","og_url":"https:\/\/www.classiciasacademy.com\/blog\/global-economic-prospects-report\/","og_site_name":"UPSC Current Affairs","article_publisher":"https:\/\/www.facebook.com\/classiciasacademydelhi\/","article_author":"https:\/\/www.facebook.com\/classiciasacademydelhi\/","article_published_time":"2021-01-18T09:03:12+00:00","article_modified_time":"2024-06-06T10:04:53+00:00","og_image":[{"width":780,"height":439,"url":"https:\/\/www.classiciasacademy.com\/blog\/wp-content\/uploads\/2021\/01\/global-economic.jpg","type":"image\/jpeg"}],"author":"Classic IAS Academy","twitter_card":"summary_large_image","twitter_creator":"@classic_ias","twitter_site":"@classic_ias","twitter_misc":{"Written by":"Classic IAS Academy","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.classiciasacademy.com\/blog\/global-economic-prospects-report\/#article","isPartOf":{"@id":"https:\/\/www.classiciasacademy.com\/blog\/global-economic-prospects-report\/"},"author":{"name":"Classic IAS Academy","@id":"https:\/\/www.classiciasacademy.com\/blog\/#\/schema\/person\/11f000d5c6a57c5e6f655dd75e8f6096"},"headline":"Global Economic Prospects Report","datePublished":"2021-01-18T09:03:12+00:00","dateModified":"2024-06-06T10:04:53+00:00","mainEntityOfPage":{"@id":"https:\/\/www.classiciasacademy.com\/blog\/global-economic-prospects-report\/"},"wordCount":421,"commentCount":0,"publisher":{"@id":"https:\/\/www.classiciasacademy.com\/blog\/#organization"},"image":{"@id":"https:\/\/www.classiciasacademy.com\/blog\/global-economic-prospects-report\/#primaryimage"},"thumbnailUrl":"https:\/\/www.classiciasacademy.com\/blog\/wp-content\/uploads\/2021\/01\/global-economic.jpg","articleSection":["News"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.classiciasacademy.com\/blog\/global-economic-prospects-report\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.classiciasacademy.com\/blog\/global-economic-prospects-report\/","url":"https:\/\/www.classiciasacademy.com\/blog\/global-economic-prospects-report\/","name":"Global Economic Prospects Report - UPSC Current Affairs","isPartOf":{"@id":"https:\/\/www.classiciasacademy.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.classiciasacademy.com\/blog\/global-economic-prospects-report\/#primaryimage"},"image":{"@id":"https:\/\/www.classiciasacademy.com\/blog\/global-economic-prospects-report\/#primaryimage"},"thumbnailUrl":"https:\/\/www.classiciasacademy.com\/blog\/wp-content\/uploads\/2021\/01\/global-economic.jpg","datePublished":"2021-01-18T09:03:12+00:00","dateModified":"2024-06-06T10:04:53+00:00","breadcrumb":{"@id":"https:\/\/www.classiciasacademy.com\/blog\/global-economic-prospects-report\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.classiciasacademy.com\/blog\/global-economic-prospects-report\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.classiciasacademy.com\/blog\/global-economic-prospects-report\/#primaryimage","url":"https:\/\/www.classiciasacademy.com\/blog\/wp-content\/uploads\/2021\/01\/global-economic.jpg","contentUrl":"https:\/\/www.classiciasacademy.com\/blog\/wp-content\/uploads\/2021\/01\/global-economic.jpg","width":780,"height":439},{"@type":"BreadcrumbList","@id":"https:\/\/www.classiciasacademy.com\/blog\/global-economic-prospects-report\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.classiciasacademy.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Global Economic Prospects Report"}]},{"@type":"WebSite","@id":"https:\/\/www.classiciasacademy.com\/blog\/#website","url":"https:\/\/www.classiciasacademy.com\/blog\/","name":"UPSC Current Affairs","description":"Classic IAS Academy","publisher":{"@id":"https:\/\/www.classiciasacademy.com\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.classiciasacademy.com\/blog\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.classiciasacademy.com\/blog\/#organization","name":"Classic IAS Academy","url":"https:\/\/www.classiciasacademy.com\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.classiciasacademy.com\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/www.classiciasacademy.com\/blog\/wp-content\/uploads\/2019\/02\/logo-new.jpg","contentUrl":"https:\/\/www.classiciasacademy.com\/blog\/wp-content\/uploads\/2019\/02\/logo-new.jpg","width":250,"height":250,"caption":"Classic IAS Academy"},"image":{"@id":"https:\/\/www.classiciasacademy.com\/blog\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/classiciasacademydelhi\/","https:\/\/x.com\/classic_ias"]},{"@type":"Person","@id":"https:\/\/www.classiciasacademy.com\/blog\/#\/schema\/person\/11f000d5c6a57c5e6f655dd75e8f6096","name":"Classic IAS Academy","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.classiciasacademy.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/411fc09724e0323267c6a03a0c91cf19?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/411fc09724e0323267c6a03a0c91cf19?s=96&d=mm&r=g","caption":"Classic IAS Academy"},"description":"Classic IAS Academy is at the forefront of providing best IAS coaching in delhi, India. The Academy helps the aspirants to tap their innate analytical power to become successful in the exam.","sameAs":["https:\/\/www.classiciasacademy.com\/","https:\/\/www.facebook.com\/classiciasacademydelhi\/","https:\/\/www.instagram.com\/classicias\/","https:\/\/in.pinterest.com\/classiciasacademy\/","https:\/\/x.com\/classic_ias","https:\/\/www.youtube.com\/channel\/UCeW_rb11JEfX6WwhRVzoXIQ"]}]}},"_links":{"self":[{"href":"https:\/\/www.classiciasacademy.com\/blog\/wp-json\/wp\/v2\/posts\/2942"}],"collection":[{"href":"https:\/\/www.classiciasacademy.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.classiciasacademy.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.classiciasacademy.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.classiciasacademy.com\/blog\/wp-json\/wp\/v2\/comments?post=2942"}],"version-history":[{"count":3,"href":"https:\/\/www.classiciasacademy.com\/blog\/wp-json\/wp\/v2\/posts\/2942\/revisions"}],"predecessor-version":[{"id":3341,"href":"https:\/\/www.classiciasacademy.com\/blog\/wp-json\/wp\/v2\/posts\/2942\/revisions\/3341"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.classiciasacademy.com\/blog\/wp-json\/wp\/v2\/media\/2943"}],"wp:attachment":[{"href":"https:\/\/www.classiciasacademy.com\/blog\/wp-json\/wp\/v2\/media?parent=2942"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.classiciasacademy.com\/blog\/wp-json\/wp\/v2\/categories?post=2942"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.classiciasacademy.com\/blog\/wp-json\/wp\/v2\/tags?post=2942"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}