World Economic Situation and Prospects (WESP) 2019: UN
- 24 Jan 2019
- 2 min read
According to the UN's World Economic Situation and Prospects (WESP) 2019, India will continue to remain the world's fastest-growing large economy in 2019 as well as in 2020.
- India's economy is expected to grow at 7.4% during 2018-19, 7.6% in 2019-20, and 7.4% in 2020-21.
- The reasons for high growth projections are robust private consumption, a more expansionary fiscal stance and benefits from previous reforms.
- However, for a sustained and a more robust growth, sustained recovery of private investment remains a crucial challenge.
- Other major challenge is the job creation rates in the formal sector, leaving many workers underemployed or in low-salary jobs. Strengthening labour market indicators is a crucial aspect to forge a more inclusive development trajectory.
- Female labour force participation remains low and is declining.
- Earlier, International Monetary Fund (IMF) too had projected India’s GDP to expand 7.5% in FY20 and 7.7% in FY21.
- Global growth is expected to remain at 3% in 2019 and 2020.
- The global economy is facing number of risks, which include an escalation of trade disputes, an abrupt tightening of global financial conditions, and intensifying climate risks.
World Economic Situation and Prospects
- WESP is a joint product of the United Nations Department of Economic and Social Affairs (UN/DESA), the United Nations Conference on Trade and Development (UNCTAD) and the five United Nations regional commissions (Africa, Europe, Latin America and the Caribbean, Asia and the Pacific, and Western Asia).