Economic Growth Current Affairs - 2020

ADB’s prediction of Asian economy shrinking for the first time since 1960s: Important facts

The prediction of the Manila-based Asian Development Bank says due to pandemic hit the Asian economy is going to shrink for the first time since the early 1960s. It also stated that the period will continue until next year with a downfall in the level of growth as projected before the pandemic. What is the Read More…

COVID-19: Fifth Recession of India

Since Independence in 1947, India has faced four recessions. According to Reserve Bank of India (RBI), the recessions occurred in 1958, 1966, 1973 and 1980. Highlights Recession is defined as the fall in economic activities of the country along with decline in sales, income and employment. India has so far seen four such negative GDP Read More…

AIIB approves 500 million USD for India

On May 8, 2020, the AIIB (Asian Infrastructure Investment Bank) approved 500 million USD to COVID-19 to India. The funds were aimed to scale up the containment efforts and strengthen the health system. This will help manage future outbreaks. Highlights The funds are to be used for Emergency Response and Health Systems Preparedness Project. The Read More…

Asia Pacific Economic Cooperation: Economic Decline of 2.7% expected in the region

The Asia Pacific Economic Cooperation has stated that the APEC region is to face an economic decline of 2.7% in 2020 due to the impact of COVID-19. Also, the region is to face near growth rate. This will be the highest decline for the region since the 2008 financial crisis. Highlights The unemployment rate according Read More…

UNCTAD cancels 1 trillion USD debts owed by developing countries

The United Nations Conference on Trade and Development (UNCTAD) has announced that it is to cancel over 1 trillion USD of debt owed by developing countries. Highlights According to the UNCTAD, over 64 low-income countries spend more on debts than their health systems. They are now struggling with growing debt burden to plummet prices of Read More…