Global Economic Prospects report 2020

Relevance: Prelims: International

World Bank's Global Economic Prospects | INDIATHINKERS

Why in news?

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

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.

Key highlights of the report:

IMF on Twitter: "JUST RELEASED: April 2020 World Economic Outlook ...

• The COVID-19 pandemic is expected to have “severe” short and long-term effects on economic growth.

• Current estimates show that 60 million people could be pushed into extreme poverty in 2020. These estimates are likely to rise further.

• EMDEs (Emerging Market and Developing Economies) are especially vulnerable. These countries are expected to have a 3-8% output loss in the short term.

• The Global Economic Prospects (GEP) is the World Bank’s semi-annual flagship publication on the state of the world economy.

 

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