Question: Who released the report World Economic Situation and Prospects 2019?
(a) World Bank
(b) IMF
(c) United Nations
(d) World Economic Forum
Answer: (c)
Related facts:
- The United Nations released the report World Economic Situation and Prospects 2019. The report came up with major findings on economic situations in the world alongwith prospects. It was launched in New York.
Major findings:
- The World Economic Situation and Prospects (WESP) 2019 report, cautioned the steady pace of expansion in the global economy masks an increase in downside risks that could potentially exacerbate development challenges in many parts of the world.
- The world economy is estimated to have grown by 3.1 per cent in 2018, as a result of fiscally induced growth acceleration in US while a slower growth in a few large economies like Argentina, Canada, China, and Turkey.
- The growth rates in many developed countries have risen close to their potential, with drop in unemployment rates to historical lows. Among the developing economies, the East and South Asia regions are on a relatively strong growth trajectory, amid robust domestic demand conditions.
- Growth in global industrial production and merchandise trade volumes has been tapering since early 2018, particularly in the trade-intensive capital and intermediate goods sectors.
- The global growth rate projected by WESP is of 3.0 per cent in 2019 & 2020. The growth rate in United States is projected to slow from 2.8 per cent in 2018 to 2.5 per cent in 2019 and 2 per cent in 2020.
- Uneven economic growth is a major threat to be addressed. The developments are not reaching to the needy people. Various large developing countries saw a decline in per capita income in 2018.
- A modest recovery is projected in 2019 but the per capita incomes are still likely to remain stagnant in Central, Southern and West Africa, Western Asia, and Latin America and the Caribbean.
- The global economy is facing multiple risks, which could severely disrupt economic activity and can create damages on longer-term development prospects. These risks include an escalation of trade disputes (like US-China), an abrupt tightening of global financial conditions, and intensifying climate risks.
- Environmental degradation and increasing climate risk posing severe threat to the economies of the world. More than half of extreme weather events have been attributed to climate change in last six years.
- Climate shocks impact causes severe damage to vital infrastructure in developing and developed countries. There have been some progress has been made in reducing the greenhouse gas intensity of production but the growth towards environmentally sustainable production and consumption is not happening fast enough.
Links:
https://www.un.org/development/desa/dpad/publication/world-economic-situation-and-prospects-january-2019-briefing-no-122/
https://www.un.org/development/desa/dpad/document_gem/global-economic-monitoring-unit/world-economic-situation-and-prospects-wesp-report/