WORLD ECONOMIC OUTLOOK

Subject: International Report

Context : Indian Economy is expected to contract by 10.3% in current fiscal year and the world by 4.4% ,according to IMF(WEO).

Concept :

World Economic Outlook

• WEO is a survey by the IMF that is usually published twice a year in the months of April and October.
• It analyzes and predicts global economic developments during the near and medium term.
• In response to the growing demand for more frequent forecast updates, the WEO Update is published in January and July between the two main WEO publications released usually in April and October.

International Monetary Fund

• IMF is an organization working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.
• Created in 1945, the IMF is governed by and accountable to the 189 countries that make up its near-global membership. India Joined on December 27, 1945.
• The IMF’s primary purpose is to ensure the stability of the international monetary system—the system of exchange rates and international payments that enables countries (and their citizens) to transact with each other.
• The Fund’s mandate was updated in 2012 to include all macroeconomic and financial sector issues that bear on global stability.