Give us a call or fill in the form below and we will contact you. The global economy is expected to shrink 5.2% in 2020. At the same time, investing in health, education, skills and technical know-how will help the international community better prepare for the future. The World Bank recently launched the Global Economic Prospects Report, 2020. The report suggests to make better policy choices. The pandemic is expected to push over 70 million people back into extreme poverty and cause 132 million more to suffer from undernourishment in 2020. All rights reserved. Around 60 million could be pushed into extreme poverty. The pandemic has sent a global shockwave derailing development gains, exacerbating challenges faced by middle-income countries and generating new vulnerabilities. The prevailing ways of taxing corporations give them the ability to avoid paying their fair share of taxes, and they often pay lower taxes than local small business, he said. Download. Many nations are once again heavily in debt, with the world facing the possibility of a new debt crisis, as incomes plummet due to the pandemic. to help reignite growth. The financing and building of productive infrastructure are among the hardest-to-solve development challenges in the post-pandemic recovery. However, the world now has a chance to “build back better”, he said, as the pandemic has exposed weaknesses in economies, Governments and societies. 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. Countries most reliant on global trade, tourism, external financing and commodity exports are likely to be the worst affected. The representative of Malawi, speaking on behalf of the Group of Least Developed Countries and associating himself with the Group of 77, said States have battled challenges under the pandemic and worked towards supporting multilateralism and development for all. Global Economic Prospects: COVID-19 and Labor Markets Jason Furman 10/8/2020 | Peterson Institute for International Economics | 1750 Massachusetts Avenue, NW | Washington, DC 20036 | www.piie.com. He asked Mr. Stiglitz about the effects of unilateral coercive measures and sanctions. Join the conversation on Twitter using #GEPFall2020 Event Summary. Chapter 1 5.641MB. Context: World Bank released its Global Economic Prospect. The Indian economy is expected to contract by 3.2% this year as a result of the COVID-19 pandemic. The COVID-19 pandemic did not unravel the development gains of small island developing States, she said, “it simply shined a light on the threadbare approach at development”. Moreover, everything must be done to avoid a crippling debt crisis in developing countries and create fiscal space in highly indebted low- and middle-income countries. It also said that the advanced economies are to slip their growth by 1.4% as the manufacturing sector continues to soften. Continuing, he said nations must use scarce resources to combat the pandemic and construct societies that could better handle a crisis in the future. AMRIT BAHADUR RAI (Nepal), Chair of the Second Committee (Economic and Financial), opened the meeting stating it formally approved its organization of work (document A/C.2/75/L.1), with the understanding that further adjustments can be made. EMDEs face health crises, restrictions and external shocks like falling trade, tourism and commodity prices, as well as capital outflows. He called for facilitating implementation of domestic resources, trade, South-South and triangular cooperation. 1) On poverty. Commending the Secretary-General for the comprehensive response of the United Nations development system, he called on all Governments to ensure the system works on the ground in helping States recover. Current estimates show that 60 million people could be pushed into extreme poverty in 2020. Abstract The COVID-19 pandemic has, with alarming speed, dealt a heavy blow to an already-weak global economy, which is expected to slide into its deepest recession … It is necessary to create a better framework for multinational taxation that includes a minimum global corporate income tax at the level of 25 per cent. The International Monetary Fund has slashed its 2010-21 growth projection for India to 1.9% from 5.8% estimated in January. Growth in Bangladesh (1.6% in FY 2019/20) and Nepal (1.8% in FY 2019/20) is expected to decelerate markedly in 2020 due to pandemicrelated disruptions including mitigation measures and sharp falls in exports and remittance inflows. From UPSC perspective, the following things are important : The World Bank has released its Global Economic Prospects (GEP) 2020 report. The downside scenario is more severe – the global economy could shrink this year by as much as 8% (5% for EMDEs), followed by a weak recovery at just above 1% growth next year.
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