Economic Slowdown: GK, General Studies and Current Affairs

World Economic Outlook: Key Facts

The International Monetary Fund has recently launched the World Economic Outlook 2020. The report has been titled “A Long and Difficult Ascent”. It is launched twice a year. Once in June and then in October. The one recently launched is the October version. Key findings of the report The report has projected that India’s economy ..

Supreme Court: Overtime Wages should not be denied to labourers during COVID-19

On October 1, 2020, the Supreme Court quashed the notification of Gujarat Government to exempt factories from paying overtime wages to workers. The apex court said that the burden of economic slowdown shall not be put on workers who are the backbone of the economic activity. Lately, the country has been facing severe economic losses ..

ADB: Asian Economy to shrink for First Time since 1960s

The Asian Development Bank have predicted that the Asian economy will shrink for the first time since the early 1960s amid the COVID-19 Pandemic. The report states that downfall in the level of growth will continue until the next year. Background The Development bank had earlier in June 2020 predicted that the Gross Domestic Product ..

Moody’s revises estimate of India’s Growth

Global rating agency Moody’s has revised its forecast of India’s growth. It has estimated a double-digit contraction to be at 11.5% during the current fiscal year. Key Facts It has raised its expectations of economy’s performance in the upcoming fiscal to 10.6% from 8.7% earlier. Moody’s cited that the lock-down has impacted the economy severely. ..

Indian Economy to Shrink by 9.5% in FY 2020-2021: ICRA

The credit rating agency, ICRA, has predicted that the Indian economy will see a major slowdown in the current fiscal and it is expected to contract by around 9.5% in the Financial Year 2020-2021. The agency had earlier predicted a slowdown of 5% for the Indian Economy. The reason behind this revision has been shown ..