CURRENT AFFAIRS

Detailed explanation-1: -International trade plunged in 2020 but recovered sharply in 2021. While total trade flows are now comfortably above pre-pandemic levels, trade impacts across specific goods, services and trade partners are highly diverse, creating pressures on specific sectors and supply chains.

Detailed explanation-2: -The economic impact of the COVID-19 pandemic in India is largely disruptive. The growth of the economy has slowed down due to shutdown of different productions channels. Reverse migration of workforce and consequent shortage of labour, resulted in further deceleration of economic growth.

Detailed explanation-3: -We support developing countries to access the benefits of a globalized economy more fairly and effectively. And we help equip them to deal with the potential drawbacks of greater economic integration. To do this, we provide analysis, facilitate consensus-building, and offer technical assistance.

Detailed explanation-4: -A baseline global pandemic scenario sees gross domestic product fall by 2 percent below the benchmark for the world, 2.5 percent for developing countries, and 1.8 percent for industrial countries.