New Article
World Economic Situation and Prospects 2023 Report by UN DESA
- World Economic Situation and Prospects 2023 Report by UN DESA
- Significant Report Findings
- Growth Predictions made by the Report
- World Economic Situation and Prospects 2023 Report Recommendations
- Frequently Asked Questions:
- What is WESP?
- Who releases the Global Economic Prospects Report?
- What is India’s Economic Growth Predicted by World Economic Situation and Prospects 2023 Report?
- What is Fiscal Austerity?
- What are Sustainable Development Goals?
World Economic Situation and Prospects 2023 Report by UN DESA
The Ukraine-Russia conflict is causing energy crises, rising prices, and debt problems all across the world. The World Economic Situation and Prospects report, also known as the World Economy Report, was released by the UN Department of Economic and Social Affairs in the middle of severe circumstances and climate emergencies. According to the analysis, global economic development is sluggish. It will decrease from 3% in 2022 to 1.9% in 2023.
Significant Report Findings
- Investments in the private sector will be impacted by rising inflation.
- Inflation will continue to be 6.5% globally in 2023.
- Banks are expected to raise interest rates, putting countries’ overall economic development at risk.
- Countries will experience a recession as 2024 approaches.
- The nations will encounter significant obstacles in fulfilling Sustainable Development Goals.
- Poverty levels are expected to rise.
- Unemployment will affect people. Existing employees will experience employment uncertainty.
- Employment of women has declined.
- Over 350 million people will experience food insecurity.
Growth Predictions made by the Report
- India’s economic growth rate as predicted by the report is 5.8% in 2023 and 6.7% in 2024
- USA: 1.9% in 2023 and 2.7% in 2024
- Japan: 0.4% in 2023 and 1.6% in 2024
- UK: -0.8% in 2023 and 1% in 2024
- EU: 0.2% in 2023 and 1.6% in 2024
World Economic Situation and Prospects 2023 Report Recommendations
- Fiscal austerity should be avoided by governments. Fiscal austerity refers to economic measures that include tax increases and spending reductions. Governments use it to reduce the deficits they experience in fund allocation.
- Governments should adjust their public expenditure policies to reflect the changing global economy.
- Systems of social protection should be improved.
- Subsidies will be granted on a temporary basis.
- Utility bill discounts
- Advice in Report: Invest in emerging technology, climate change, and digital infrastructure.
Read More: MPPSC Free Study Material (English/Hindi)
🤩Follow Our Social Media Handles
YouTube 👉 https://bit.ly/36wAy17
Telegram👉 https://bit.ly/3sZTLzD
Facebook 👉 https://bit.ly/3sdKwN0
Daily Current Affairs Quiz for UPSC, MPSC, BPSC, and UPPSC: Click here
Frequently Asked Questions:
What is WESP?
WESP – The World Economic Situation and Prospects report, also known as the World Economy Report, was released by the UN Department of Economic and Social Affairs (UN-DESA).
Who releases the Global Economic Prospects Report?
The World Bank releases the Global Economic Prospects Report. Read More: https://unorthodoxacademy.com/global-economic-prospects-the-world-banks-most-recent-report/
What is India’s Economic Growth Predicted by World Economic Situation and Prospects 2023 Report?
India’s economic growth rate as predicted by the report is 5.8% in 2023 and 6.7% in 2024
What is Fiscal Austerity?
Fiscal austerity refers to economic measures that include tax increases and spending reductions.
What are Sustainable Development Goals?
The 17 sustainable development goals (SDGs) to transform our world are:
GOAL 1: No Poverty
GOAL 2: Zero Hunger
GOAL 3: Good Health and Well-being
GOAL 4: Quality Education
GOAL 5: Gender Equality
GOAL 6: Clean Water and Sanitation
GOAL 7: Affordable and Clean Energy
GOAL 8: Decent Work and Economic Growth
GOAL 9: Industry, Innovation and Infrastructure
GOAL 10: Reduced Inequality
GOAL 11: Sustainable Cities and Communities
GOAL 12: Responsible Consumption and Production
GOAL 13: Climate Action
GOAL 14: Life Below Water
GOAL 15: Life on Land
GOAL 16: Peace and Justice Strong Institutions
GOAL 17: Partnerships to achieve the Goal.
