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World Economy UPSC NOTE

 


  • The International Monetary Fund's (IMF) latest update to its world economic outlook indicates signs of global economic recovery, with a projected expansion of 3% in 2023.

  • However, the IMF's marginal 20 basis points upgrade to its April projections raises concerns that the world economy is not entirely out of the woods, as many challenges still exist.

  • The two largest economies, the United States and China, have experienced a slowdown and face increased uncertainty due to global and domestic headwinds.

  • In the U.S., surpluses from pandemic-era cash transfers meant to support families during COVID-19 and the cost-of-living crisis have almost depleted.

  • China's post-reopening rebound has started to fizzle out, driven by a contraction in the real estate sector, weakening consumption, and decreased overseas demand for its exports.

  • The euro area, another key player in the global economy, is still grappling with the impact of the Ukraine-war induced spike in gas prices, particularly affecting Germany and France's economies.

  • Deteriorating forward-looking indicators suggest the eurozone's economic downturn may deepen in the coming months, and inflation remains above central banks' targets, necessitating monetary tightening.

  • Russia's termination of the Black Sea grain deal may lead to a potential 15% increase in grain prices, impacting low-income economies in Africa.

  • Many frontier economies are facing heightened debt vulnerabilities, and there is a pressing need for a concerted global debt resolution initiative to help highly indebted countries avoid sliding into debt distress.

  • Lopsided growth, which neglects vulnerable nations, could have negative consequences for the larger global economic structure in an interconnected world.

  • Lopsided growth, also known as uneven or imbalanced growth, refers to an economic development pattern where certain sectors or regions experience significant growth and prosperity, while other sectors or regions lag behind, leading to disparities and inequalities 

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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: World Economy UPSC NOTE
World Economy UPSC NOTE
Learnerz IAS | Concept oriented UPSC Classes in Malayalam
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