Context:
World Economic Outlook (October 2024) Report released
World Economic Outlook Report:
- Published by – International Monetary Fund (IMF)
- Published twice a year
- Provides analyses and projections of the global economy in the short and medium term.
Key Highlights:
- Global growth projections stable at 3.2% for 2024 and 2025.
- Uncertainty Factors – Geopolitical conflicts, Increasing trade tensions and Upcoming elections and leadership changes in major economies
- India’s Growth – Expected to grow at 6.5% in 2025-26.
- Decline from 8.2% in 2023 attributed to the normalization of demand after the pandemic.
- Emphasized urgency of Structural Reforms for enhancing economic efficiency and resource allocation.
- Structural Reforms – Policy changes aimed at modifying acquired rights and economic rents to improve resource allocation in the economy.
- Challenges in implementing the reforms – Lack of Social Acceptability as gains and losses from reforms are unevenly distributed across society and over time.
Source: IMF
Previous Year Question
Which of the following brings out the ‘Consumer Price Index Number for Industrial Workers’?
[UPSC Civil Service Exam – 2015 Prelims]
(a) The Reserve Bank of India
(b) The Department of Economic Affairs
(c) The Labour Bureau
(d) The Department of Personnel and Training
Answer: (c)
