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:
• 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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