Trade and Development Report 2022: UNCTAD

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    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

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    • 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