Daily Prelims Notes 13 June 2023
- June 13, 2023
- Posted by: OptimizeIAS Team
- Category: DPN
Daily Prelims Notes
13 June 2023
Table Of Contents
- Here is why Cyclone Biporjoy intensified into an extremely severe cyclonic storm
- Lessons from Bellandur: Governments should allocate more resources to monitor, and protect lakes
- High road to Dubai COP28: Developing countries demand ambition on financial support in Bonn
- High road to Dubai COP28: Indigenous peoples demand say in decision-making on loss and damage at Bonn
- Coastal communities in Gujarat build mangrove barriers with benefits for environment and livelihoods
- US decides to rejoin UNESCO
- Will Betelgeuse, the bright red giant star, blow up in your lifetime?
- CoWIN portal
- The Svalbard missions
- Tearful adieu to Velur agitation leader Devaki Nambisan
- China could have as many ICBMs as U.S. or Russia by turn of decade: think tank
- Yield curve inversion persists in corporate bond market
- What FLDG means for fintech lenders
- Inflation surprise
- 2020 may be another lost decade for global economy
1. Here is why Cyclone Biporjoy intensified into an extremely severe cyclonic storm
Subject: Geography
Section: Physical geography
Context:
- A combination of factors helped Cyclone Biporjoy intensify from a very severe cyclonic storm to an extremely severe cyclonic storm.
Details:
- Extremely severe cyclones form when wind speeds reach 168-221 kilometres per hour (kmph). As of June 12, the wind speeds were 165-175 gusting to 190 kmph.
- A study recorded a 52 per cent increase in the number of cyclones in the Arabian Sea. And a 150 per cent increase in Very severe cyclones.
- This increase has been linked to rising ocean temperatures and increased availability of moisture under global warming.
- As the cyclone approaches the coast, it is expected to weaken into a very severe cyclonic storm as it crosses between Mandvi (Gujarat) and Karachi (Pakistan) near Jakhau Port (Gujarat) by noon on 15th June. The maximum sustained wind speed could be 125-135 kmph gusting to 150 kmph.
Intensification of Cyclone Biporjoy:
- Cyclone Biporjoy has intensified twice in its lifetime. It is also the fourth longest-lived cyclone in the pre-monsoon region in the Arabian Sea since 1982.
- Models were not able to predict its intensity much in advance due to certain fluctuations, which help the cyclone strengthen or weaken. These include upper air divergence, wind shear, and dry air.
- The amount of wind shear is the change of the wind with height. The large amounts of wind shear generally weaken the cyclone intensification.
- The shear towards the northern Arabian Sea has been weak and favourable for cyclone intensification.
- The upper air divergence which happens when air flows (wind) away from a region, also helped the cyclone gain strength.
- It allows the cyclone to vent out the air and promotes its intensification
- The sea surface temperature and ocean heat content also favour the cyclone formation.
2. Lessons from Bellandur: Governments should allocate more resources to monitor, and protect lakes
Subject: Environment
Section: Places in news
Context:
- Bengaluru’s Bellandur Lake has been in the news for the last few years owing to the mysterious foam formation in the lake. Attempts made over the years to solve the issue were unsuccessful, as the issue occurs almost every year, especially after heavy rains.
Bellandur Lake pollution:
- Bellandur is one of the many lakes in India facing the impacts of improper wetland conservation as well as waste management.
- In addition to biodiversity loss, encroachments are among the major issues.
Study findings:
- A recent study by the Indian Institute of Science identified the reasons for the foaming.
- The study pitched surfactants in the sewage (residues of washing powders and shampoos) as the main culprit.
- Overall, 53 per cent of the world’s largest lakes have been losing water, and 24 per cent have seen an increase. Nearly 33 per cent of the global population resides in a basin with a large, drying lake.
- Because the Bellandur Lake is large, the sewage takes 10-15 days to disperse through the lake; during this time, a part of the organic material gets degraded in the absence of oxygen and settles down as sludge.
- Surfactants in the sewage do not disintegrate when more and more sewage runs through the lake; instead, they get loosely attached to the settled sludge and progressively increase in concentration, sometimes reaching up to 200 times the initial concentration.
- Heavy rains and certain foam-causing bacteria also worsen the situation.
Water and wetland exploitation:
- Water usage has increased 600 per cent over the past 100 years, and one-third of wetlands have been lost over the last 50 years.
- Since 1900, 64 to 71 per cent of wetlands have been lost.
- Of these, Asia has a high rate of wetland loss due to large-scale coastal and inland natural wetland conversion.
- A lot of the lakes in India are also lost or have been altered owing to human interference.
- Shrinking of Chilika Lake in Odisha to 915 square kilometres (sqkm) from 2200 sqkm and Dal Lake in Jammu and Kashmir, which has now reduced to an area of 12 sqkm area which is less than half its usual size.
Need for sustainable lake management:
- In March 2022, United Nations Environment Assembly adopted a resolution on sustainable lake management — the first-ever resolution dedicated primarily to lakes.
- It requested the member states to protect, conserve, restore and ensure sustainable use of lakes.
- The resolution intended to accelerate actions and set the agenda for future actions being pursued towards lake conservation along with Sustainable development goals on water and Ramsar Convention on Wetlands.
- UN General Assembly has also announced a decade of ecosystem restoration (from 2021 to 2030).
- The decadal mission was prompted by a proposal initiated by 70 countries across the globe, led by UN Environment Programme (UNEP) and the Food and Agriculture Organization.
- It aims to ramp up political interventions and on-ground initiatives towards the restoration of billions of hectares of terrestrial and aquatic ecosystems.
- Ecuador, the Democratic Republic of Congo, Colombia, Gabon, Mexico and Zambia have launched a freshwater challenge at the 2023 UN Water Conference held in New York.
3. High road to Dubai COP28: Developing countries demand ambition on financial support in Bonn
Subject: Environment
Section: International convention
Context:
- Climate finance is a crucial issue under discussion at the 58th Subsidiary Body Meetings in Bonn and at the 28th Conference of Parties (COP28) to the United Nations Framework Convention on Climate Change (UNFCCC) later this year.
Details:
- One key area of disagreement has been the European Union’s new Mitigation Work Program (MWP) proposal which seeks to accelerate climate mitigation action across all countries. Without a consensus on the conference agenda, the conversation around key topics cannot be discussed at COP28 formally.
- The South American country, Bolivia, has cited Articles 4.5, 9.1 and 9.3 of the 2015 Paris Agreement to bring attention to the financial support obligations of developed countries which they are required to deliver in order to support enhanced climate ambition in developing countries.
Article 4.5 | States that developed country Parties should take “all practicable steps to promote, facilitate and finance, as appropriate, the transfer of, or access to, environmentally sound technologies and knowhow to other Parties, particularly developing country Parties, to enable them to implement the provisions of the Convention”. |
Article 9.1 | Relates to developed countries providing financial resources to assist developing countries with mitigation and adaptation in continuation of developed country obligations under the UNFCCC |
Article 9.3 | States that “Developed country Parties shall provide financial resources to assist developing country Parties with respect to both mitigation and adaptation in continuation of their existing obligations under the Convention”. |
What is the New Collective Quantified Goal (NCQG)?
- By decision 1/CP.21, para. 53, Parties decided that, in accordance with Article 9, paragraph 3, of the Paris Agreement, the Conference of the Parties serving as the meeting of the Parties to the Paris Agreement (CMA) shall set a new collective quantified goal (NCQG) from a floor of USD 100 billion per year, taking into account the needs and priorities of developing countries, prior to 2025.
- The NCQG is expected to be operational by 2025 and will be designed to consider the needs of developing nations.
- At COP26 in Glasgow, an ad hoc work programme for the NCQG for 2022-24 was set up.
- Under this programme, Parties agreed to have four TEDs annually through 2024 to
Subject: Environment
Section: International convention
Context:
- Indigenous peoples’ groups from around the world, including India, have called for representation on the Transitional Committee (TC) for the establishment of a Loss and Damage Fund (LDF) among other demands during the first week of the ongoing Subsidiary Bodies 58 (SB 58) conference in Bonn, Germany.
Details:
- The committee is currently composed of 24 members, 10 of whom are from developed countries and 14 are from developing countries.
- They want representation so that their views on losses and damages being suffered by their communities and their knowledge on addressing the loss and damage can be taken into account by the Transition Committee (TC).
- It is crucial to have a holistic perspective of loss and damage to understand the impacts of climate crisis on indigenous peoples and local communities from different geographical areas — deserts, coasts and forests.
- Indigenous groups currently fall under the observer constituency and are not full-fledged participants in the working of the TC.
- At the conclusion of the Second Glasgow Dialogue on Loss and Damage, the representative of indigenous peoples’ groups called for the curbing of climate measures that perpetuate colonial practices.
Unrecognized losses to indigenous communities:
- Loss of lives and homes due to extreme weather events.
- Unseasonal rains caused by climate change as they destroy forest produce and agricultural crops.
- Loss of livelihood due to forest fires
- Non-economic losses and damages from climate change.
- Remedy:
- The Warsaw International Mechanism (WIM) and the Santiago Network are responsible for assisting countries on the technical aspects of the losses and damages occurring from adverse impacts of climate change such as assessment of losses and damages, including non-economic losses such as loss of heritage and language and loss of mental health due to extreme weather events.
Subject: Geography
Section: Physical geography
Context:
- A community-based, multi-species approach to mangrove conservation is gaining ground in the Bharuch district of Gujarat.
Details:
- The initiative is developing a coastal bioshield, which is a plantation of mangrove and non-mangrove species, with mangroves on the seaside, salt-resistant trees in the middle and fodder plants on the village side.
- Touted as a nature-based solution to climate change, bioshields have multiple benefits including carbon sequestration, improvement of aquaculture and agriculture in coastal villages and fodder availability.
Coastal Bio Shield project:
- Mangroves are the protector of the coast. They have many benefits – they prevent erosion, minimise impact from storm surges and cyclones, ecosystem regeneration, carbon sequestration, and nutrition for the marine ecosystem.
- The pilot project was initiated in the Jambusar coastline between 2016-2019.
- The idea was to have a 50-metres wall of mangroves on the seaside backed by 50 metres of salt-resistant Salvadora plant (locally known as piludi), 50 metres of fodder crop (unth morad in Gujarati) and then aromatic herbs and fruit trees towards the village side, together forming a 180-metres-wide natural wall between the sea and arable land.
- Piludi is an oilseed from which oil for medicinal purposes is extracted. In the local market itself, the rate for these seeds is Rs 50 per kg.
- Advantages include:
- Control the erosion
- Increased fish catch and fodder production
- Improved agriculture by blocking saline winds
- Protection from cyclones on west coast
- A thick belt can reduce wave velocity of storms by 40-45%.
- Bioshields should be implemented in areas where large-scale mangrove degradation has happened.
6. US decides to rejoin UNESCO
Subject : International Relations
Sections: International Organisation
Concept :
- UN cultural and scientific agency UNESCO announced that the United States plans to rejoin — and pay more than $600 million in back dues.
US decides to rejoin UNESCO
- The United States has announced its plans to rejoin the UNESCO, after a decade-long dispute sparked by the inclusion of Palestine as a member.
- The return of the U.S., along with the payment of over $600 million in back dues, is a significant financial boost for UNESCO’s initiatives.
- Before leaving, the US contributed 22 per cent of the agency’s overall funding.
Reasons for leaving
- One of the main reasons was concerns over the organization’s perceived anti-Israel bias.
- The U.S. government criticized UNESCO for its handling of the Israeli-Palestinian conflict and its recognition of Palestine as a member state.
- Another factor was financial concerns.
- United States had been contributing a significant portion of UNESCO’s budget.
- U.S. government had concerns about fiscal management and accountability within UNESCO.
- Furthermore, the decision to withdraw was also influenced by a broader scepticism towards multilateral institutions and a desire to reassess and prioritize U.S. engagement and funding in international organizations.
Why did US decided to rejoin the organisation?
- The decision to return was motivated by concern that China is filling the gap left by the US in UNESCO policymaking, notably in setting standards for artificial intelligence and technology education around the world.
About UNESCO
- UNESCO stands for United Nations Educational, Scientific and Cultural Organization.
- It is specialized agency of the United Nations (UN).
- The constitution, which entered into force in 1946, called for the promotion of international collaboration in education, science, and culture.
- The agency’s permanent headquarters are in Paris, France.
- Parent Organisation – United Nations Economic and Social Council
Goal : The primary goals of UNESCO are to contribute to peace and security by promoting collaboration among nations through education, science, and culture, and to promote sustainable development and intercultural dialogue.
- UNESCO believes that these areas are crucial for building a more just, peaceful, and inclusive world.
Key areas of focus
- Education: UNESCO promotes quality education for all, advocating for access to education, improving teacher training, and fostering global citizenship.
- Natural Sciences: UNESCO supports scientific research and the application of science to address global challenges, such as climate change, biodiversity loss, and sustainable development.
- Culture: UNESCO works to safeguard and promote cultural heritage, both tangible and intangible, including monuments, sites, traditions, and languages.
- It also fosters cultural diversity and intercultural dialogue.
- Communication and Information: UNESCO promotes freedom of expression, media development, and access to information.
- It aims to foster a free, independent, and pluralistic media environment.
- UNESCO designates and maintains a list of World Heritage Sites, which are places of outstanding universal value that deserve protection for future generations.
Key reports published by UNESCO
- Global Education Monitoring Report
- The United Nations World Water Development Report
- World Trends in Freedom of Expression and Media Development
- Global Ocean Science Report.
7. Will Betelgeuse, the bright red giant star, blow up in your lifetime?
Subject : Science and technology
Section: Space technology
Concept :
- By examining Betelgeuse’s pulsation, researchers from Japan and Switzerland recently reported that the star is in its late carbon-burning stage.
About Betelgeuse
- Betelgeuse is a red supergiant star and one of the largest visible to the naked eye.
- The bright red star Betelgeuse, called ‘Thiruvathirai’ or ‘Ardra’ in Indian astronomy, is easily spotted in the constellation Orion.
- In 1920, Betelgeuse became the first extrasolar star whose photosphere’s angular size was measured.
- Starting in October 2019, Betelgeuse began to dim noticeably but then returned to a more normal brightness range in April 2023.
- Infrared suggest that the dimming was due to a change in extinction around the star rather than a more fundamental change.
- A study using the Hubble Space Telescope suggests that occluding dust was created by a surface mass ejection.
What is carbon burning stage?
- Carbon burning is the stage at which a star fuses carbon inside its core, making heavier elements such as neon and magnesium.
- Carbon burning eventually occurs in all stars that start out with more than about eight solar masses.
- By examining its pulsation (the periodic contraction and expansion of the star) researchers from Japan and Switzerland recently reported that the star is in its late carbon-burning stage.
- In massive stars like Betelgeuse, the carbon-burning stage lasts only up to a few hundreds of years, after which the star ‘dies’ and collapses into a supernova within a few months.
Subject: Science and technology
Section: Awareness of Computers and AI
Concept :
- After an alleged data leak of COVID vaccination beneficiaries, the Union Health Ministry said that the CoWIN portal was completely safe with adequate safeguards for data privacy.
- Indian Computer Emergency Response Team (CERT-In) set to investigate the issue and submit a report.
About CoWIN
- CoWIN (Covid Vaccine Intelligence Network) is a web portal for COVID-19 vaccination registration.
- It is owned and operated by Ministry of Health and Family Welfare.
- It displays booking slots of COVID-19 vaccine available in the nearby areas and can be booked on the website.
- The site also provides vaccination certificates to the beneficiaries.
- It is a cloud-based IT solution for planning, implementation, monitoring, and evaluation of Covid-19 vaccination in India.
CERT-In
- ‘Indian Computer Emergency Response Team’ (CERT-In) is the national agency for cyber security incident response and proactive measures for the prevention of cyber incidents in the Country.
- CERT-In has been appointed by Central Government in under The Information Technology Act, 2000 (IT Act, 2000).
What is Cyber Security Incident?
- It means any real or suspected adverse event in relation to cyber security that violates an explicitly or implicitly applicable security policy resulting in unauthorised access, denial of service or disruption, unauthorised use of a computer resource for processing or storage of information or changes in data, information without authorisation.
Functions of CERT-In
- Collection, analysis and dissemination of information on cyber incidents.
- Forecast and alerts of cyber security incidents.
- Emergency measures for handling cyber security incidents.
- Coordination of cyber incident response activities.
- Issue guidelines, advisories, vulnerability notes and whitepapers relating to information security practices, procedures, prevention, response and reporting of cyber incidents.
- Such other functions relating to cyber security as may be prescribed.
Subject : International Relations / Technology
Concept :
- In 1997, a Rohini RH-300 Mk-II sounding rocket rose to the skies from Svalbard, Norway which was shipped by India.
Key details:
- The solid propellant-powered rocket was shipped from India by the Indian Space Research Organisation (ISRO).
- The RH-300 Mk-II was given a new name by the NSC (Norwegian Space Centre): Isbjorn-1, which translates literally as ‘Polar Bear-I.’
- ISRO had shipped the RH-300 Mk-II to Norway after qualifying it for arctic weather conditions.
- Weather Challenges:
- The Rohini rockets had till then flown only in the tropical hot and humid conditions in India.
- The Svalbard archipelago, on the other hand, sits in the Arctic Ocean and temperatures were on the extremely low side.
- Designed to launch a 70 kg payload to an altitude of 120 km, the RH-300 would carry a Langmuir Probe on-board, to undertake Polar Ionospheric studies.
- In 1997, the Isbjorn-1 took to the skies, reaching, however, an altitude of only 71 km.
- Its range, too, fell short of the designed 129 km, by 35 km.
10. Tearful adieu to Velur agitation leader Devaki Nambisan
Subject: History
Section: Freedom movement
Concept:
Devaki Nambeesan and the Velur Temple Protest
- In 1956, a group of 23 women aged between 16-35, scared and anxious but determined to make history, marched to the Manimalarkavu Devi Temple.
- Of the women present, Devaki Nambeesan, an activist who worked with Dalit women in Velur and other parts of Thrissur, spearheaded the movement, giving confidence to others to stand by her.
- They marched towards the Manimalarkavu Devi Temple, wearing mundum neriyatum with striking red blouses and holding thaalams to perform the big kuthira vela ritual in
- This may seem like a simple act, but at that time, women who performed rituals were not allowed to wear blouses or cover their breasts. Additionally, only women from the dominant Nair caste were permitted to perform these rituals.
- Though not documented enough, this movement is known as the Velur Temple Protest or the Velur maaru marakkal today.
About the movement
- During the Velur Temple Protest, Devaki Nambeesan and the 22 women were accompanied by community leaders who tried to speak to the temple committee. But it was of no avail since the committee consisted of people from the Namboodiri and Nair castes.
- Despite the opposition, these women stood strong and fought the big fight – abolishing caste discrimination in the temple and wearing blouses. And they won.
- The movement succeeded when temple authorities started allowing Dalit women to perform rituals and ended the discriminatory practice of barring women from wearing blouses during these rituals.
- The changes were implemented, and women could fully participate in the rituals without any restrictions, all thanks to the efforts of Devaki Nambeesan and the women who stood by her.
11. China could have as many ICBMs as U.S. or Russia by turn of decade: think tank
Subject : Science and technology
Section: Defence
Concept :
- The nine nuclear-armed states, including the US, Russia, the UK, France, China, India and Pakistan, continue to modernise their nuclear arsenals, leading Swedish think-tank SIPRI said on Monday.
- Several nuclear-armed states deployed new nuclear-armed or nuclear-capable weapon systems in 2022, the Stockholm International Peace Research Institute (SIPRI) said in its yearbook.
What are ICBMs?
- An intercontinental ballistic missile (ICBM) is a missile with a minimum range of 5,500 kilometres primarily designed for nuclear weapons delivery.
- Conventional, chemical and biological weapons can also be delivered with varying effectiveness, but have never been deployed on ICBMs.
Important International Convention
- ICBMs are differentiated by having greater range and speed than other ballistic missiles.
- The International Code of Conduct against Ballistic Missile Proliferation (ICOC), now known as The Hague Code of Conduct against Ballistic Missile Proliferation (HCOC), is a political initiative aimed at globally curbing ballistic missile proliferation.
- India is a signatory to this convention.
- Established in April 1987, the voluntary Missile Technology Control Regime (MTCR) aims to limit the spread of ballistic missiles and other unmanned delivery systems that could be used for chemical, biological, and nuclear attacks.
- India has joined the MTCR in 2016.
Countries that have ICBMs:
- India, Russia, the United States, North Korea, China, Israel, the United Kingdom, and France.
12. Yield curve inversion persists in corporate bond market
Subject :Economy
Section: Fiscal Polity
- Yield curve inversion occurs when the yield on short-term debt instruments is higher than that of longer-term bonds. It is a rare but significant occurrence in finance and has historically preceded recessions, making it a reliable indicator
- In developed markets, an inversion in the yield curve implies an oncoming recession. In India, supply-demand dynamics generally determine the trajectory of the yield curve. So, the inversion in the yield curve is not a leading economic indicator.
- The corporate bond market in India has been experiencing a yield curve inversion due to a supply-demand mismatch, with issuers preferring to raise resources via 3-5 year bonds while investors prefer high-yielding long-term bonds with maturities of 10 years and above.
- This mismatch has led to the shorter end of the market being higher yielding than longer-dated securities, pushing the yield curve to invert
- Normalization of the curve is expected to occur within the next couple of quarters, once the Reserve Bank of India hints at any rate cuts.
- Future yields will be determined by various factors, the over all impact of which will determine the direction:
- Factors supporting a decline in bond yields (or increase in Bond price): Declining inflation, peaked policy rates, and a comfortable external position are all strong backdrops supporting the bond market over the medium term.
- Factors supporting an increase in bond yields (or increase in Bond price): Uncertainty over the timing, quantity, and distribution of rainfall amid forecasts of El Nino conditions.
Bond Yield and the Yield curve Bond Yield Bond yield refers to the return on investment in a bond. It is the figure that shows the return an investor gets on a bond and is calculated by dividing the coupon amount by the price. The relationship between bond prices and yields is inverse, with rising prices resulting in lower yields and vice versa. Yield Curve The yield curve is a graphical representation of yields on similar bonds across various maturities, and an idealized yield curve slopes upward to reflect the higher risk associated with holding longer-term debt |
13. What FLDG means for fintech lenders
Subject: Economy
Section: Monetary Polity
- Default loss guarantee (DLG) is an arrangement between two entities, often two regulated entities, or between a regulated entity and fintech lending service providers (LSPs), whereby the LSP guarantees to compensate the regulated entity for loss due to default up to a certain threshold of the loan portfolio. It is also known as first loss default guarantee or FLDG.
- Under FLDG, up to 5% of the loan portfolio can be covered, and the clauses must be invoked within 120 days from the date of default.
- Fintech players were asking for FLDG as the RBI’s previous rule revisions on securitisation challenged them to enter default loss guarantee agreements, and REs were hesitant to lend through fintechs without commitment towards loan loss
- The circular issued by the RBI sets the base for enabling the system to handle these loans formally, but there are still a few grey areas that need to be addressed, such as how loan outstanding should be computed.
- For borrowers, FLDG could imply an increase in the cost of loans as LSPs may charge a fee to cover up for the likely losses guaranteed under FLDG
- FLDG contracts for digital lending will help in the growth of these platforms, but fintechs have been working with REs on co-lending structures and even FLDG in a different manner in the past years, making the incremental increase in business difficult to quantify
Subject: Economy
Section: Fiscal Polity
The RBI is expected to maintain interest rates until the April-June quarter, despite a drop in retail inflation to 6.46% in India, thanks to falling food prices and favourable statistical factors. However, core inflation remains at 5.9%, indicating that demand-driven price pressures are still a concern. Industrial growth, based on the Index of Industrial Production (IIP), has rebounded to 4.2% in April, with manufacturing leading the way. There are concerns around the El Nino impact on the monsoon, which could impact crop output and food inflation. Despite healthy investment numbers, there are still uneven signals of recovery in domestic consumption.
15. 2020 may be another lost decade for global economy
Subject: Economy
Section: External sector
Context: MD Patra, Deputy Governor of RBI, predicts that the 2020s could be another “lost decade” due to recurring financial crises, the pandemic, and the war in Ukraine accentuating the global slowdown.
Key points:
- A structural slowdown has been spreading across the global economy since growth peaked in 2010, resulting in 10 lost years from 2010.
- About half of this slowdown since 2010 can be attributed to demographic factors such as an ageing population, slowing working-age cohort increases, and declining labour force participation.
- Investment and total factory productivity growth rates are declining, and the engine of trade has weakened significantly.
- The potential growth rate of the global economy has fallen by close to a full percentage point in 2011-21 relative to 2000-10. (World Bank report, ‘Falling Long-term Growth Prospects: Trends, Expectations, and Policies’)
- The global slowdown has pulled down advanced economies and emerging and developing economies alike, but it has imposed a major setback on the latter, pushing back their chances of catch-up or convergence.
- Policy uncertainty at the global level has surged, and forces of de-globalisation and trade and finance disintegration have gained ground.
- EMDEs need to leverage the potential of the services sector to drive productivity growth by investing in ICT infrastructure, securing reduction in trade costs, and supportive business-enabling reforms.