CURRENT AFFAIRS

Detailed explanation-1: -Against the backdrop of a raging and devastating pandemic, the world economy is pro jected to shrink by 3.2 per cent in 2020. Under the baseline scenario, GDP growth in developed countries will plunge to –5.0 per cent in 2020, while output of developing coun- tries will shrink by 0.7 per cent.

Detailed explanation-2: -Global growth is forecast to slow from 6.0 percent in 2021 to 3.2 percent in 2022 and 2.7 percent in 2023. This is the weakest growth profile since 2001 except for the global financial crisis and the acute phase of the COVID-19 pandemic.

Detailed explanation-3: -Gross domestic product (GDP) growth in India will slow to 6.6% in the financial year 2023-24 from 6.9% projected in the ongoing fiscal, according to the World Bank.

Detailed explanation-4: -This is the United Nations definitive report on the state of the world economy providing global and regional economic outlook for 2022 and 2023. The World Economic Situation and Prospects 2022 will examine the recovery of the global economy from the COVID-19 pandemic.

Detailed explanation-5: -"Economic growth in India is projected to moderate in 2023, with higher interest rates weighing on investment and slower global growth weakening exports, ” the UN said. The government has estimated India’s real GDP growth in FY23 at 7% against 8.7% in 2021-22.