South Asia Current Affairs - 2020

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World Bank’s Global Economic Prospect: World Economic Growth projected at 2.5%

On January 9, 2020, the World Bank released its Global Economic Prospect. According to its forecast, the world is expected to grow economically at the rate of 2.5%. This is the lowest prediction since that predicted in 2008-09, 3.1%. By then, the global financial crisis derailed the economy.

Highlights

The report says that investment and trade in the country is expected to recover. However, the downward risks from 2019 are to continue. It also said that the advanced economies are to slip their growth by 1.4% as the manufacturing sector continues to soften.

The emerging markets in the developing economies are to witness acceleration in their growth according to the report. However, this is not applicable to all. A third of developing countries are expected to decelerate this year. Predominantly the growing economies are located in South and South East Asia.

South Asia

Growth in South Asia is expected to rise by 5.5% in 2020. The report predicts India’s growth rate at 5%. It is expected that the credit from non-banking companies to expected to weaken. The report also says that India will see a growth rate of 5.5% in the subsequent year.

The United States is expected to grow at 1.8% and European Union is projected to slip its growth by 1% in 2020.

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UNDP Report: India ranks 129 in Human Development Index

The United Nations Development Programme released the Human Development Index for 189 countries on December 9, 2019. The rankings were listed by the report titled “Beyond Income, Beyond Averages, Beyond Today: Inequalities in Human Development in 21st century”.

India ranked 129 among them, which is one rank ahead of its previous positions. In 2018, India ranked 130. The rankings were listed based on the assessment of poverty, education, life expectancy and access to health care.

Highlights: World

Among all the regions, South Asia was the fastest growing region. It witnessed 46% growth between the years 1990 and 2018. Despite its growth, the region accounts to 31% of partner violence. Next to South Asia, East Asia and the Pacific reported good growth. The growth rate of these regions was assessed by the report as 43%.

Singapore reported the least partner violence faced by women.

Highlights: India

The report says that around 27.1 crore people in India were lifted out of poverty between the time period 2005-06 and 2015-16. However, India is the largest country constituting to 41% of world’s poor according to the report!

India ranked 122 in the Gender Development Index

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