News: The World Bank has released the Global Economic Prospects (GEP) June 2020 report.
Facts:
- Global Economic Prospects is a World Bank Group flagship report that is issued twice a year, in January and June.
- Aim: To examine global economic developments and prospects with a special focus on emerging markets and developing economies.
Key Takeaways:
- Global Economy: The COVID-19 pandemic will shrink the global economy by 5.2% in 2020-21 representing the deepest recession since World War Two and a dramatic rise in extreme poverty.
- Indian Economy: It is expected to contract by 3.2% (so growth is -3.2%) in FY 2020-21 due to impact of Coronavirus pandemic and restrictions on activity.However, it will make a modest recovery to 3.1% growth in the next fiscal year.
Additional Facts:
Other reports released by World Bank:
- Ease of Doing Business Report
- Human Capital Index(HCI)
- World Development Report(WDR)
- Logistics Performance Index(LPI).
