Which of the following statements is/are correct?

I. The UN Department of Economic and Social Affairs releases World Economic Situation and Prospects (WESP) report.

II. As per the report, India is projected to grow by 6.4 per cent in 2022.

III. According to the report Global inflation is projected to increase to 6.7 per cent in 2022

Solution

The UN Department of Economic and Social Affairs has come up with its World Economic Situation and Prospects (WESP) report. As per the report, India is projected to grow by 6.4 per cent in 2022, slower than the last year’s 8.8 per cent but still the fastest-growing major economy, with higher inflationary pressures and uneven recovery of the labour market curbing private consumption and investment. The global economy is now projected to grow by only 3.1 per cent in 2022, down from the 4.0 per cent growth forecast released in January 2022. Global inflation is projected to increase to 6.7 per cent in 2022, twice the average of 2.9 per cent during 2010–2020, with sharp rises in food and energy prices.