Home  /  Daily Current Affairs  /  04-10-2022 / Trade and Development Report 2022: UNCTAD

Trade and Development Report 2022: UNCTAD

Posted on October 4, 2022 by admin1  80

In News

  • Recently, according to the forecast by the UNCTAD, India’s economic growth is expected to decline to 5.7 per cent this year from 8.2 per cent in 2021. 

Major Highlights of the report

  • The country’s growth will further drop to 4.7% in 2023.
    • Reasons being higher financing cost and weaker public expenditures.
  • India experienced an expansion of 8.2 per cent in 2021, the strongest among G20 countries. 
    • As supply chain disruptions eased, rising domestic demand turned the current account surplus into a deficit and growth decelerated. 

Forecast by other agencies

  • Moody’s forecast is 7.7% for the calendar year 2022.
  • Various other agencies have projected India’s growth to be in the range of 6.7% to 7.4% in FY23.
  • The RBI’s real growth forecast for FY23 is 7%.  

United Nations Conference on Trade and Development

C:UsersWELCOMEDesktop6-UNCTAD-Facts-1.png

  • It was established in 1964 to promote trade, investment, and development in developing countries.
  • It is a permanent organ of the United Nations (UN) General Assembly.
  • It is headquartered in Geneva, Switzerland.
  • UNCTAD has approximately 190 members.
  • The highest policy-making body of UNCTAD is the Conference, which meets once every four years to set policy guidelines and to formulate a program of work. 
  • Functions:
    • Comprehend options to address macro-level development challenges
    • Achieve beneficial integration into the international trading system
    • Diversify economies to make them less dependent on commodities
    • Limit their exposure to financial volatility and debt
    • Attract investment and make it more development friendly
    • Increase access to digital technologies
    • Promote entrepreneurship and innovation
    • Help local firms move up value chains
    • Speed up the flow of goods across borders
    • Protect consumers from abuse
    • Curb regulations that stifle competition
    • Adapt to climate change and use natural resources more effectively
  • Flagship reports:
    • Trade and Development Report
    • World Investment Report
    • The Least Developed Countries Report
    • Economic Development in Africa Report
    • Information Economy Report
    • Technology and Innovation Report
    • Review of Maritime Transport

Source: BS

 
Previous article Melting of Arctic Ice
Next article Nobel Prize in Physics

Other News of the Day

In News Recently, the ISRO confirmed that the Mars Orbiter craft has lost communication with ground station, it's non-recoverable and with this the Mangalyaan mission has attained end-of-life. About Mangalyaan Mission Background The Mars Orbiter Mission (MOM) or Mangalyaan is a space probe launched by the Indian Space Research Organization in 2013. Features Mangalyaan was...
Read More

In News : The SASTRA Ramanujan Prize for 2022 will be awarded to Yunqing Tang, Assistant Professor with the University of California, Berkeley, U.S.A. Ms. Yunqing’s works “display a remarkable combination of sophisticated techniques, in which the arithmetic and geometry of modular curves and of Shimura varieties play a central role, and her results and...
Read More

In News Recently published study has found that climate change will aid the spread of Lassa fever to the central and eastern parts of the continent in the next 50 years. About Lassa fever  It is a zoonotic disease endemic to parts of west Africa. Causes : It is caused by the Lassa virus, a...
Read More

In News Recently, the Prime Minister has paid tributes to Shyamji Krishna Varma on his Jayanti.  About Shyamji Krishna Varma  He was born on 4th October, 1857 in Mandvi town of Kachchh district of Gujarat. He was one of the foremost freedom fighters in the history of the freedom movement of India with a high...
Read More

In News Recently, UAE’s visa rules were changed that will now allow visitors to legally enter and stay in the UAE for 60 days, an increase from the previous 30 days.  Also, the job exploration visa, which seeks to easily allow talented professionals find employment in the UAE, will not require a sponsor or host....
Read More

In Context Recently, the NGT has directed the state government of Odisha to revive Sukapaika River within 6 months. About Sukapaika River Sukapaika is one of the several distributaries of the mighty Mahanadi river in Odisha. It branches away from the Mahanadi at Ayatpur village in Cuttack district and flows for about 40 kilometers (km)...
Read More

In News The government is planning to bring convergence between the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) and the Pradhan Mantri Krishi Sinchayee Yojana (PMKSY) to restore degraded land and reverse desertification in India. Key Points Increasing Degraded Land:  According to the Desertification and Land Degradation Atlas 2021, at least 30% of India’s...
Read More

Context The 2022 Nobel Prize for Physiology or Medicine has been awarded to Swedish geneticist Svante Pääbo for his research in the field of genomes of extinct hominins and human evolution. About: Awarded by: The Royal Swedish Academy of Sciences in Stockholm. Awarded for: Dr. Svante Pääbo’s discoveries in developing new and innovative methodologies to...
Read More

In News Recently, according to the data shared by the government over 69% houses constructed under PMAY in rural India are either wholly or jointly owned by women.  About Housing is one of the basic requirements for human survival.  For a normal citizen owning a house provides significant economic and social security and status in...
Read More

In News Recently the draft guidelines were issued by the Finance Ministry for Regional rural banks (RRBs) listing on stock exchanges. RRBs play a crucial role in credit disbursement in remote areas. More about the news According to the draft guidelines issued by the Finance Ministry, Regional rural banks (RRBs), will be eligible to list...
Read More

In News The Mediation Bill, 2021 was introduced in the Rajya Sabha in 2021. The Parliamentary Standing Committee on Law and Justice also recommended changes to the Mediation Bill. Why does India need to promote mediation? Statutes:  While there is no standalone legislation for mediation in India, there are several statutes containing mediation provisions, such...
Read More