Reports & Indices Current Affairs - 2020
This category comprises Current Affairs 2019-2020 related to various reports and indexes / indices by National and International Bodies and organizations such as World, Bank, World Economic Forum, NITI Aayog and various other educational and research organizations. We also place report highlights of various committees and commissions in this category.
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On March 31, 2020, the World Bank announced that around 11 million are to enter poverty in Pacific and East Asia due to the spread of COVID-19. The virus has affected more than 780,000 and has so far killed more than 37,000.
According to the World Bank, around 35 million people in Pacific and Asia will escape poverty. This includes 25 million in China alone. The bank has projected the growth in the region to be slow and around 2.1%. In 2019, the bank had estimated the growth of the region as 5.8%.
The bank has projected growth rate of China as 2.3%. Earlier, in 2019, it had predicted China’s growth rate as 6.1%.
The bank recommends more investments in the health sector. It suggests for macroeconomic policies and integrated containment of the virus. The World Bank also recommends targeted fiscal measures such as health care and subsidies for sick pay. This will make sure the temporary deprivation is not converted into long term human capital losses.
Tags: Asia and Pacific • China • Corona Virus • COVID-19 • East Asia
The United Nations Conference on Trade and Development (UNCTAD) made a new analysis under the title “The COVID-19 Shock to Developing Countries”.
The analysis says that leading exporting countries are to face drop in investments between 2 trillion USD and 3 trillion USD in the next two years. The world economy is to go into recession in 2020-21 in spite of the G20 countries infusing 5 trillion USD. The predicted loss of global economy this year is expected to be in trillion USD. In just two months since the spread of the virus, developing countries have taken a huge hit in terms of currency depreciation, capital outflows, falling commodity prices, losing export earnings, declining tourist revenues.
India and China
The report also says that India and china are to stay out of these global recessions. However, the report did not give proper explanation for the countries being out of the recession. Recently, the ICRA, Moody’s and other leading market observers have predicted that the growth rate of India is to decline. However, they did not bring out factors that might put India in recession mode. This says that though India is to get affected economically by the virus, the impacts are to be minimal as compared to other developing countries.
Tags: Corona Virus • COVID-19 • Economic Slowdown • Recession • Revenue