UNCTAD Current Affairs - 2020
The United Nations Conference on Trade and Development recently released a report on the effect of COVID-19 on global economy. According to the report, India was ranked 10th.
World: Key Findings of the Report
The report says that the slow down in manufacturing sector of China due to the virus, will affect 50 billion USD trade all over the world hitting global value chains greatly.
Among the most affected European Union is to take a hit of 15.6 billion USD, followed by US with 5.8 billion USD. Japan at 5.2 billion USD and South Korea and Vietnam at 3.8 billion USD and 2.3 billion USD respectively.
India: Key Findings of the Report
Though India will receive 10th largest economic blow in the world due to the virus, its economic slow-down will be low as compared to the other economies. In India, the chemical sector is to receive heavy blow followed by textiles, automotive sector, electrical machinery, leather products and metal products
Tags: Corona Virus • COVID-19 • European Union • Global Economy • UNCTAD
The United Nations Conference on Trade, Investment and Development has warned that the Foreign Direct Investment flows all over the world will reduce by 15% due to Corona Virus. According to the organization, the outbreak could cost 2 trillion USD to the global economy.
The United Nations earlier pointed out that the growth of the global economy will be slow between 0.5% and 1.5% for the year 2020-21. With the spread of the virus, the organization has predicted further decline in the economic growth.
FDI in India
India has been easing protocols for foreign companies to invest in the country. The FDI inflow was over 318 billion USD between 2014 and 2019. In 2018-19, the FDI inflow was the highest and it stood at 62 billion USD. The FDI is used in India to track the measure of Make in India. The initiative was launched in 2014 to promote India as an investment destination and a global manufacturing hub.