Global Economic Prospects by World Bank

By : Neha Dhyani

Updated : May 13, 2022, 5:06

As the world has entered into the third year of the Covid-19 pandemic, there is a constant surge to wipe off the uncertainties and the challenges and emerge with encouraging success in economic situations and rebound with a new zeal and energy. According to the Global Economic Prospects by World Bank reports, fresh threats arising from new variants of Covid-19 could endanger the developing economies.

Global Economic Prospects by World Bank - Impact of COVID 19 New Variants

In 2020 there was a sharp decline in the economy. Still, the only relief is the continuous efforts to take a U-turn and bounce back to overcome financial crises and foreign debts through restructuring plans and strategies through the Global Economic Prospects by World Bank.

Global Economic Prospects by World Bank - Comprehensive Set of National Policies

It is a cause of concern for the developing countries as global growth is expected to slow down in the present financial year, reflecting on the Covid-19 flare-ups, shrinking economic support and protracted supply restrictions. The topical issues related to the Global Economic Prospects by World Bank are -

Surge in global debts leading to macroeconomic imbalances- Many countries have started debt restructuring. While some countries face the risk of debt affliction, many others need urgent debt relief. According to Global Economic Prospects by World Bank, Several creditors working on collective principles have offered considerable debt stock diminutions, preceded by a series of less ruthless debt relief approaches.

Impact of Covid-19 on global income inequality -The pandemic has brought global income inequality and feeble recovery strategies in emerging markets and also developing economies (EMDEs). Many have faced employment and earning losses. Booming asset prices add to the richer segments of society's wealth and add to inflation. Global Economic Prospects by World Bank aims to double productivity and steer a comprehensive equitable package being introduced.

A phase of exceptional uncertainty owing to rising income inequality - the pandemic has put many economically developed and developing countries under pressure. According to the Global Economic Prospects by World Bank, there is a constant effort to restore mobility and overcome supply chain disruptions.

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Global Economic Prospects by World Bank - Steps Taken

The Indian government is constantly making efforts to promote resource-efficient growth and enhance competitiveness. It takes measures to invest human capital through early childhood development, education, social protection and even good health.

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Global Economic Prospects by World Bank - Key Highlights

According to Global Economic Prospects by World Bank, a policy agenda to address these issues and soften the increased global inequality and support vulnerable populations, measures to broaden access to education, health care, and digital services, safeguard price stability and also emphasise fiscal sustainability is laid to see a green salient inclusive recovery.

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FAQs on Global Economic Prospects by World Bank

Q1. What is the topic of the Global Economic Prospects by World Bank?

Ans: Global Economic Prospects by World Bank examines global economic developments and prospects, focusing on emerging markets and developing economies.

Q2. Who controls the global economy, According to Global Economic Prospects by World Bank?

Ans: According to Global Economic Prospects by World Bank, large financial institutions, like big banks and large corporate houses, dominate the global economy.

Q3. Who is the president of the World Bank and is responsible for Global Economic Prospects World Bank?

Ans: David Malpass has been the 13th World Bank President since April 2019 and is responsible for Global Economic Prospects by World Bank

Q4. What are the Global Economic Prospects by World Bank for 2022?

Ans: According to the Global Economic Prospects by World Bank, the global economy will grow by 4.9% in 2022.

Q5. Who publishes Global Economic Prospects?

Ans: The World Bank publishes and projects the Global Economic Prospects by World Bank, for instance, the World bank's projection of 8.3% growth in India in 2021-22stays unchanged from its June 2021 report.