Context- Recently  United Nations Conference on Trade and Development (UNCTAD), United Nations Department of Economic and Social Affairs (UN DESA) and the five United Nations Regional Economic Commissions have jointly released the World Economic Situation and Prospects 2020 (WESP) .

Key findings

• The report stated that combination of fiscal stimulus and financial sector reforms, boosting investment and consumption, is expected to support a recovery in growth to 6.6 per cent, but it will take continued structural reforms to bring India’s growth back to its previous levels.”
• The report further said that one in five countries will see per capita income stagnate or decline this year, but indicated that India may be among a few countries where the per capita GDP growth rate could exceed 4 per cent level in 2020.
• the report highlighted that there could be setbacks for sustainable development if prolonged weakness in global economic activity continues and this may further impact the goals to eradicate poverty and create decent jobs for all.
• East Asia remains the world’s fastest-growing region and the largest contributor to global growth
• The report crucially noted the shift in global economic decision-making power from the EU, the US and other developed countries towards China, India and other developing countries
• The report, while recognising the importance of school strikes by children and citizen-led movements against climate change across the globe, maintains that policymakers should lead the way on climate action.

United Nations Conference on Trade and Development (UNCTAD)

• UNCTAD is a permanent intergovernmental body established by the United Nations General Assembly in 1964.
• Headquarters is located in Geneva, Switzerland, and offices in New York and Addis Ababa.
• UNCTAD is part of the UN Secretariat.
• Report to the UN General Assembly and the Economic and Social Council but have our own membership, leadership, and budget.
• It is also part of the United Nations Development Group.
• It also support implementation of Financing for Development, as mandated by the global community in the 2015 Addis Ababa Agenda, together with four other major institutional stakeholders: the World Bank, the International Monetary Fund, the World Trade Organization, and the United Nations Development Programme

Some of the reports published by it are:

• Trade and Development Report
• World Investment ReportThe Least Developed Countries Report
• Information and Economy Report
• Technology and Innovation Report
• Commodities and Development Report