India to Remain Fastest Growing Economy in 2019 – 2020
24, Jan 2019
- India will continue to remain the world’s fastest-growing large economy in 2019 as well as in 2020, much ahead of China, a UN report.
- According to the UN’s World Economic Situation and Prospects (WESP) 2019, India’s GDP growth is expected to accelerate to 7.6 per cent in 2019-20 from an estimated 4 per cent in the current fiscal ending March 2019. The growth rate may come down to 7.4 per cent a year later.
- In the case of China, the growth is estimated to decelerate to 6.3 per cent in 2019 from 6.6 per cent in 2018. It may further go down to 6.2 per cent in 2020. “Growth (in India) continues to be underpinned by robust private consumption, a more expansionary fiscal stance and benefits from previous reforms. “Yet, a more robust and sustained recovery of private investment remains crucial to lift the medium-term growth
- Referring to China, it said the growth is expected to moderate from 6.6 per cent in 2018 to 6.3 per cent in 2019, with policy support partly offsetting the negative impact of trade tensions. The report further said the global economy would continue to grow at a steady pace of around 3 per cent in 2019 and 2020 amid signs that global growth has peaked.
- However, a worrisome combination of development challenges could further undermine growth, it added. The report also highlighted that global trade tensions pose a threat to the economic outlook. Amid the rise in global trade tensions, world trade growth moderated over the course of 2018 to 3.8 per cent from growth of 5.3 per cent in 2017.
- While tensions have materially impacted some specific sectors, stimulus measures and direct subsidies have so far offset much of the direct economic impacts on China and the US, it said. “But a prolonged escalation of trade tensions could severely disrupt the global economy,” WESP report said. Directly impacted sectors have already witnessed rising input prices and delayed investment decisions.
- The United Nations is an international organization founded in 1945. It is currently made up of 193 Member States.
- Due to the powers vested in its Charter and its unique international character, the United Nations can take action on the issues confronting humanity in the 21st century, such as peace and security, climate change, sustainable development, human rights, disarmament, terrorism, humanitarian and health emergencies, gender equality, governance, food production, and more.
- The UN also provides a forum for its members to express their views in the General Assembly, the Security Council, the Economic and Social Council, and other bodies and committees. By enabling dialogue between its members, and by hosting negotiations, the Organization has become a mechanism for governments to find areas of agreement and solve problems together.
- There are six official languages of the UN. These are Arabic, Chinese, English, French, Russian and Spanish. The correct interpretation and translation of these six languages, in both spoken and written form, is very important to the work of the Organization, because this enables clear and concise communication on issues of global importance.
Main Organs of UN:
- The main organs of the UN are the General Assembly, the Security Council, the Economic and Social Council, the Trusteeship Council, the International Court of Justice, and the UN Secretariat. All were established in 1945 when the UN was founded.
- The UN system, also known unofficially as the “UN family”, is made up of the UN itself and many affiliated programmes, funds, and specialized agencies, all with their own membership, leadership, and budget.
- The programmes and funds are financed through voluntary rather than assessed contributions. The Specialized Agencies are independent international organizations funded by both voluntary and assessed contributions.
UN Specialized Agencies:
- The UN specialized agencies are autonomous organizations working with the United Nations. All were brought into relationship with the UN through negotiated agreements. Some existed before the First World War. Some were associated with the League of Nations. Others were created almost simultaneously with the UN. Others were created by the UN to meet emerging needs
The Food and Agriculture Organization leads international efforts to fight hunger. It is both a forum for negotiating agreements between developing and developed countries and a source of technical knowledge and information to aid development.
The International Fund for Agricultural Development, since it was created in 1977, has focused exclusively on rural poverty reduction, working with poor rural populations in developing countries to eliminate poverty, hunger and malnutrition; raise their productivity and incomes; and improve the quality of their lives.
The International Labor Organization promotes international labor rights by formulating international standards on the freedom to associate, collective bargaining, the abolition of forced labor, and equality of opportunity and treatment.
The International Monetary Fund fosters economic growth and employment by providing temporary financial assistance to countries to help ease balance of payments adjustment and technical assistance. The IMF currently has $28 billion in outstanding loans to 74 nations.
The International Maritime Organization has created a comprehensive shipping regulatory framework, addressing safety and environmental concerns, legal matters, technical cooperation, security, and efficiency.
The International Telecommunication Union is the United Nations specialized agency for information and communication technologies. It is committed to connecting all the world’s people – wherever they live and whatever their means. Through our work, we protect and support everyone’s fundamental right to communicate.
The United Nations Educational, Scientific and Cultural Organization focuses on everything from teacher training to helping improve education worldwide to protecting important historical and cultural sites around the world. UNESCO added 28 new World Heritage Sites this year to the list of irreplaceable treasures that will be protected for today’s travelers and future generations.
The United Nations Industrial Development Organization is the specialized agency of the United Nations that promotes industrial development for poverty reduction, inclusive globalization and environmental sustainability.
The World Tourism Organization is the United Nations agency responsible for the promotion of responsible, sustainable and universally accessible tourism.
The Universal Postal Union is the primary forum for cooperation between postal sector players. It helps to ensure a truly universal network of up-to-date products and services.
The World Health Organization is the directing and coordinating authority on international health within the United Nations system. The objective of WHO is the attainment by all peoples of the highest possible level of health. Health, as defined in the WHO Constitution, is a state of complete physical, mental and social well-being and not merely the absence of disease or infirmity.
The World Intellectual Property Organization protects intellectual property throughout the world through 23 international treaties.
The World Meteorological Organization facilitates the free international exchange of meteorological data and information and the furtherance of its use in aviation, shipping, security, and agriculture, among other things.
- World Bank
- The World Bank focuses on poverty reduction and the improvement of living standards worldwide by providing low-interest loans, interest-free credit, and grants to developing countries for education, health, infrastructure, and communications, among other things. The World Bank works in over 100 countries.
- International Bank for Reconstruction and Development (IBRD)
- International Centre for Settlement of Investment Disputes (ICSID)*
- International Development Association (IDA)
- International Finance Corporation (IFC)
- Multilateral Investment Guarantee Agency (MIGA)