World Economic Situation and Prospects Report

News:World Economic Situation and Prospects(WESP) mid year 2020 Report has been released.

Facts:

• The report is released jointly by the United Nations Department of Economic and Social Affairs(UN/DESA), United Nations Conference on Trade and Development(UNCTAD) and the five United Nations regional commissions.

Key Takeaways:

• Global economy: It is forecast to shrink by 3.2% in 2020.
• Indian economy: It is projected to grow at 1.2% in 2020 followed by 5.5% growth in 2021.
• Developed economies: The growth will shrink to -5.0% in 2020 followed by 3.4% growth in 2021.
• Developing Economies: They are expected to shrink by 0.7% in 2020 followed by 5.3% growth in 2021.

Additional Facts:

UNCTAD:

• It is a permanent intergovernmental body established by the United Nations General Assembly in 1964.
• It is part of the UN Secretariat and also the United Nations Development Group(UNDP).
• It reports to the UN General Assembly and the Economic and Social Council but has its own membership, leadership, and budget.
• Headquarters: Geneva, Switzerland 
• Reports:
  • The Trade and Development Report 
  • The World Investment Report 
  • Technology and Innovation Report
  • Digital Economy Report.