The World Bank has released its Global Economic Prospects (GEP) 2020 report.

Try this PYQ from CSP 2019

Q.) The Global Competitiveness Report is published by the-

(a) International Monetary Fund

(b) United Nations Conference on Trade and Development

(c) World Economic Forum

(d) World Bank

Global Economic Prospects (GEP)

• GEP is a World Bank Group flagship report that examines global economic developments and prospects, with a special focus on emerging market and developing economies.
• It is issued twice a year, in January and June.
• The January edition includes in-depth analyses of topical policy challenges while the June edition contains shorter analytical pieces.

Summary of the report

In a nutshell, the outlook for the global economy for 2020 has darkened, amid slowing activity and heightened downside risks.

1) On poverty

• The scope and speed with which the COVID-19 pandemic and economic shutdowns have devastated the poor around the world are unprecedented in modern times.
• Current estimates show that 60 million people could be pushed into extreme poverty in 2020.

2) Policy choices

• Policy choices made today — include greater debt transparency to invite new investment, foster advances in digital connectivity, and a major expansion of cash safety nets for the poor.
• The financing and building of productive infrastructure are among the hardest-to-solve development challenges in the post-pandemic recovery.

3) Emerging Market and Developing Economies (EMDEs)

• EMDEs face health crises, restrictions and external shocks like falling trade, tourism and commodity prices, as well as capital outflows.
• These countries are expected to have a 3-8% output loss in the short term, based on studies of previous pandemics, as per the analysis.
• Growth is likely to slow more in commodity-exporting EMDEs than in commodity-importing ones.

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