G7 Current Affairs - 2019

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Africa Centre for Climate and Sustainable Development

The Africa Centre for Climate and Sustainable Development was inaugurated by the Italian Prime Minister Giuseppe Conte at Rome. The centre has been opened by the Italian government in association with the United Nations Development Programme (UNDP) and the Food and Agricultural Organisation (FAO).

About the Centre

The important aspects of the Africa Centre for Climate and Sustainable Development are:

  • The centre’s origin can be traced to a declaration endorsed by the G7 meeting of the Environment Ministers in 2017. The centre would facilitate coordination among the G7 and African countries on common initiatives in Africa to achieve the goals set by the Paris Agreement and the 2030 Agenda.
  • The Centre would contribute towards addressing the needs of Africa by providing a platform for G7 countries to steer their cooperation to contrast environmental degradation and promote sustainable economic growth in the region.
  • The centre will provide a fast-track, demand-driven mechanism for African countries to access grant resources that support policies, initiatives, and best practices on climate change, food security, access to water, clean energy, and accelerating progress on the Sustainable Development Goals (SDGs) in Africa.

The centre would be hosted by UNDP which would utilise its extensive country office network and programmatic hubs, and global expertise and knowledge, to enable the African countries to access the resources available through it.

Attaining the Sustainable Development Goals

Africa referred to as Dark Continent still has up to 330 million of its population living in poverty and up to 60% of unemployed Africans are young people. The centre will help to speed up progress and quickly resource national development priorities in the African countries to address these challenges and achieve the Sustainable Development Goals.

Month: Categories: InternationalUPSC

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PwC Global Economy Watch: Key Facts

The Global Economy Watch Report of PwC monitors trends and issues affecting the global economy and details its latest projections for the leading nations. The important facts from the 2019 report are listed below:

  • India and France are likely to surpass the UK in the world’s largest economy rankings in 2019, pushing it down to seventh place from fifth in the global table.
  • The report mentions that UK and France have regularly switched places owing to similar levels of development and roughly equal populations.
  • The report mentions that India is the fastest growing large economy in the world, with an enormous population, favourable demographics and high catch-up potential due to low initial GDP per head. It is therefore certain for India to continue to rise in the global GDP league table in the coming decades. Hence India’s rise in the rankings is likely to be permanent.
  • The report projects real GDP growth of 1.6 per cent for the UK, 1.7 per cent for France and 7.6 per cent for India in 2019.
  • India would return to a healthy growth rate of 7.6 per cent in 2019-20 if there are no major headwinds in the global economy such as enhanced trade tensions or supply-side shocks in oil.
  • India’s growth will be supported through a further realisation of efficiency gains from the newly adopted GST and policy impetus expected in the first year of a new government
  • The global economy as a whole is expected to slow in 2019 as G7 countries return to long-run average growth rates after a mini-boom witnessed between the end of 2016 and early 2018.
  • The global trade conflicts will deepen in 2019. The main focus of tensions is likely to remain US-China trade and there will always be the risk of this escalating into a wider trade conflict and businesses.

The report calls to plan accordingly to address the scenarios. This may result in uncertainty for policymakers and businesses.

Month: Categories: Business, Economy & BankingUPSC

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