CURRENT AFFAIRS

Detailed explanation-1: -UPSC Mains. Q. Which organisation releases the ‘World Economic Situation and Prospects 2021’? Notes: The United Nations Department of Economic and Social Affairs (UN DESA) released the World Economic Situation and Prospects 2021.

Detailed explanation-2: -Global Economic Prospects by World Bank. Latest context: The World Bank has released June 2021 Global Economic Prospects, where it has forecasted GDP growth of India as 8.3% for the fiscal year 2021-22.

Detailed explanation-3: -Recently, the United Nations has released a new report World Economic Situation and Prospects 2023, which stated that the Global Gross Domestic Product (GDP) is likely to drop to 1.9 % in 2023 from 3 % in 2022.

Detailed explanation-4: -Against this backdrop, world output growth is projected to decelerate from an estimated 3.0 per cent in 2022 to 1.9 per cent in 2023, marking one of the lowest growth rates in recent decades. The World Economic Situation and Prospects 2023 presents a gloomy and uncertain economic outlook for the near term.

Detailed explanation-5: -World Economic Situation and Prospects 2023 The world continues to confront multiple inter-connected crises. Amid a slow recovery from the impact of the COVID-19 pandemic the world is facing a food and energy crisis exacerbated by the war in Ukraine with record high inflation unleashing a cost-of-living crisis.