News:World Economic Situation and Prospects(WESP) mid year 2020 Report has been released.
Facts:
- The report is released jointly by the United Nations Department of Economic and Social Affairs(UN/DESA), United Nations Conference on Trade and Development(UNCTAD) and the five United Nations regional commissions.
Key Takeaways:
- Global economy: It is forecast to shrink by 3.2% in 2020.
- Indian economy: It is projected to grow at 1.2% in 2020 followed by 5.5% growth in 2021.
- Developed economies: The growth will shrink to -5.0% in 2020 followed by 3.4% growth in 2021.
- Developing Economies: They are expected to shrink by 0.7% in 2020 followed by 5.3% growth in 2021.
Additional Facts:
UNCTAD:
- It is a permanent intergovernmental body established by the United Nations General Assembly in 1964.
- It is part of the UN Secretariat and also the United Nations Development Group(UNDP).
- It reports to the UN General Assembly and the Economic and Social Council but has its own membership, leadership, and budget.
- Headquarters: Geneva, Switzerland
- Reports:
- The Trade and Development Report
- The World Investment Report
- Technology and Innovation Report
- Digital Economy Report.
