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Global Economic Prospects Report UPSC: World Bank
Source : World Bank Report

GS II : Important International institutions, agencies and fora- their structure, mandate
GS III : Indian Economy


Why in News ?

India’s economy is expected to grow at 8.3% for Fiscal Year 2021-22 as per the World Bank’s latest projections.

  • This was said in Global Economic Prospects : World Bank

Key Facts

  • The World Bank has slashed India’s GDP forecast to 8.3 per cent for FY22, the fiscal year starting April 2021, as against its earlier estimate of 10.1 per cent.Global Economic Prospects Report UPSC
  • India’s growth to be 7.5 per cent in 2022, even as its recovery is being hampered by an unprecedented second wave of the Covid-19.
    • In 2023, India is expected to grow at 6.5 per cent.
  • Activity will benefit from Policy support including
    • Higher spending on infrastructure
    • Rural development and health
    • Recovery in services and manufacturing
    • Revised medium-term fiscal path
    • Measures from RBI
      • Liquidity provision to MSME
      • Loosened regulatory requirements on the provisioning for non-performing loans.
  • Global Economy
    • The global economy is set to expand 5.6 percent in 2021.
    • The global outlook remains subject to significant downside risks, including the possibility of additional COVID-19 waves and financial stress amid high EMDE debt levels.
    • Policy makers will need to balance the need to support the recovery while safeguarding price stability and fiscal sustainability.
World Bank
  • The World Bank Group is one of the world’s largest sources of funding and knowledge for developing countries.
  • It has 189 member countries.
  • India is also a member country.
  • Key Focus of the Group
    • By reducing the share of the global population that lives in extreme poverty to 3 percent by 2030.
    • By increasing the incomes of the poorest 40 percent of people in every country.
  • It has Five institutions
    1. The International Bank for Reconstruction and Development
    2. The International Development Association
    3. The International Finance Corporation
    4. The Multilateral Investment Guarantee Agency
    5. The International Centre for Settlement of Investment Disputes

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