• It is a biannual report which gives analyses of global economic developments during the near and medium term.
Highlights of the report:
• Global growth is projected at -4.4% (India’s -10.3%) in 2020 and 5.2% in 2021.
• China remains the lone major economy estimated to expand (1.9% in 2020).
• Multilateral cooperation is needed to defuse trade and technology tensions between countries.
• Collectively implement climate change mitigation commitments.
Global Financial Stability report:
• It provides an assessment of the global financial system and markets, and addresses emerging market financing in a global context.
Highlight of the report:
• Though, near-term global financial stability risks have been contained for now, vulnerabilities are rising, intensifying financial stability concerns in some countries.
• Accommodative policies will be essential to ensure that recovery takes hold and becomes sustainable.
• Strengthening the regulatory framework for non- bank financial sector and stepping up prudential supervision.
Mains Paper 3: Economy
Prelims level: Global Financial Stability Report
Mains level: Key highlights of the report