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Mahesh

30/01/23 20:29 PM IST

World Economic Situation and Prospectus 2023 report

In News
  • The United Nations Department of Economic and Social Affairs launched the “World Economic Situation and Prospects” report or simply the World Economy Report. 
Major Highlights
  • Global Inflation is to remain at 6.5% in 2023
  • Banks are to increase the interest rates and therefore, the overall economic growth of countries will be at stake
  • Countries will face recession as they enter 2024
  • The countries are to face heavy challenges in achieving the Sustainable Development Goals
  • Poverty levels are to increase
  • People will face unemployment. Those who are already in the job will encounter job insecurity
  • More than 350 million are to face food insecurity
  • World output growth will decelerate to 1.9% in 2023 (from 3% in 2022)
  • The economic outlook has “significantly deteriorated due to high food and energy prices, monetary tightening and fiscal vulnerabilities” with average GDP growth projected to moderate to 4.8% in 2023 from 5.6% in 2022
Recommendations
  • Governments should avoid fiscal austerity. Fiscal austerity is economic measures that contain spending cuts, and tax increases. It is used by governments to decrease the deficits they face in fund allocation
  • Governments should change their public spending policy in accordance with the changing global economy
  • Social protection systems should be strengthened
  • Invest in digital infrastructure, climate change, and new technologies
About UNDESA
  • UN DESA is part of the UN Secretariat, which is funded through regular assessed contributions from Member States.
  • The department was reorganized into its present form in 1997.
  • UN DESA assists countries around the world in agenda-setting and decision-making with the goal of meeting their economic, social and environmental challenges.
  • It supports international cooperation to promote sustainable development for all.
Source- The Hindu

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