World Economic Outlook report released

World Economic Outlook October 2020 report titled, “A Long and Difficult Ascent” was recently released

• World Economic Outlook October 2020 report titled, “A Long and Difficult Ascent” was recently released.
• Released by: International Monetary Fund
  • According to the report, Global output is projected to shrink 4.4% in 2020.
  • After 2021, global growth is expected to be moderate at 3.5% in the medium term.
  • India’s economy is expected to contract 10.3% in the current fiscal year due to COVID-19 pandemic.
  • There will be a downgrade of 5.8 percentage points from its June forecast. 
  • It is expected to rebound in April 2021 with 8.8% growth — an upgrade of 2.8% compared to the June update.
  • Consumer prices are expected to grow at 4.9% in 2020 and by 3.7% in 2021.
  • The current account balance is projected to grow by 0.3% in 2020 and -0.9% in 2021.