Global Economic Prospect Report

Why in news?

• The global economy is on track to grow by 4.1 per cent in 2022, down 0.2 percentage point from a previous projection, the World Bank Group said in its latest Global Economic Prospects release.

About the Global Economic Prospect Report:

• Global Economic Prospects 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.

Key findings of 2022 Report:

• Global growth is expected to decelerate markedly from 5.5 percent in 2021 to 4.1 percent in 2022 and 3.2 percent in 2023
• The global outlook is clouded by various downside risks, including new virus variants, unanchored inflation expectations, and financial stress.
• Climate change may increase commodity price volatility.
• The report also noted that the Covid-19 pandemic has raised global income inequality. Social tensions may heighten as a result of the increase in inequality caused by the pandemic.
• These challenges underscore the need to foster widespread vaccination, enhance debt sustainability, tackle climate change and inequality, and diversify economic activity.

PRACTICE QUESTION

Global Economic Prospect Report is published by?

(a) World Economic Forum

(b) UNDP

(c) World Bank Group

(d) International Monetary Fund

Answer