CURRENT AFFAIRS

Detailed explanation-1: -The new WTO forecast estimates world GDP at market exchange rates will grow by 2.8% in 2022 and 2.3% in 2023 - the latter is 1.0 percentage points lower than what was previously projected.

Detailed explanation-2: -The World Bank has revised its 2022-23 GDP forecast upward from 6.5 per cent in October to 6.9 per cent.

Detailed explanation-3: -WTO economists now predict global merchandise trade volumes will grow by 3.5% in 2022-slightly better than the 3.0% forecast in April. For 2023, however, they foresee a 1.0% increase-down sharply from the previous estimate of 3.4%.

Detailed explanation-4: -The International Monetary Fund (IMF) has also lowered India’s gross domestic product (GDP) growth projection for 2022-23 to 6.8% from the earlier 7.4%, citing the impact of a slowing global economy, stubborn inflation, rising interest rates and the Ukraine war.

Detailed explanation-5: -It also said the nominal GDP or GDP at Current Prices in the year 2022-23 is estimated at Rs 273.08 lakh crore, as against the Provisional Estimate of GDP for the year 2021-22 of Rs 236.65 lakh crore. The growth in nominal GDP during 2022-23 is estimated at 15.4 percent as compared to 19.5 percent in 2021-22.