CURRENT AFFAIRS

Detailed explanation-1: -The World Economic Outlook (WEO) is a survey of the IMF, published biannually and updated three times a year. It has projections of key economic indicators, such as GDP, inflation, current account and fiscal balance of the member countries.

Detailed explanation-2: -A Survey by the IMF staff usually published twice a year. It presents IMF staff economists’ analyses of global economic developments during the near and medium term.

Detailed explanation-3: -The World Bank has revised its 2022-23 GDP forecast upward to 6.9 percent from 6.5 percent (in October 2022), considering a strong outturn in India in the second quarter (July-September) of the 2022-23 financial year.

Detailed explanation-4: -We expect India to grow in the range of 6.5%–6.9% in FY 2022–23 and 5.8%–6.3% in FY 2023–24. Considering the extent of volatility associated with the global and domestic economy, we are restricting the duration of our projection to just a year ahead.