World Economic Outlook (WEO) report: released by IMF
•The Covid-19 pandemic is having a severe effect on the world economy.
[As countries implement necessary quarantines and social distancing practices to contain Covid-19, the world has been put in a Great Lockdown.]
•It is expected to cause a -3% change in global output in 2020, which is much worse than the 2008-09 financial crises.
•India’s growth is expected to dip to 1.9% in 2020 and rebound to 7.4% in 2021
•India’s growth projection for 2020 is 3.9% less than what was projected for the country in the January update to the WEO while its rebound in 2021 is 0.9 % higher than the January projection
•In China, where the coronavirus’s impacts were first recorded this year, first quarter economic activity could have contracted by 8% year on year. China is projected to grow at 1.2% in 2020 and 9.2% in 2021 【9.2% !!🙃】
•Advanced economies will have an output change of -6.1% in 2020 followed by 4.5% in 2021.
•The cumulative loss to global Gross Domestic Product (GDP) over 2020 and 2021 from the pandemic crisis could be around 9 trillion dollars, (greater than the economies of Japan and Germany, combined)
Association of Southeast Asian Nations (ASEAN) summit 2020 held online
•Vietnam chaired ASEAN summit held online.
[Leaders from China, Japan and South Korea joined the summit.]
•ASEAN leaders have warned of the crippling economic cost of Covid-19 and called for trade routes to reopen to protect jobs and food supplies, as well as the stockpiling of medical equipment
•ASEAN is a regional grouping that promotes economic, political, and security cooperation.
•It was established on 8 August 1967 in Bangkok, Thailand, with the signing of the ASEAN Declaration (Bangkok Declaration)
•It has 10 members: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
•ASEAN countries have a total population of 650 million people and a combined Gross Domestic Product (GDP) of $2.8 trillion.
Sahyog App: developed by Survey of India(SoI)
•Survey of India (SoI) has developed an e-platform that will collect geotagged information on the nation’s critical infrastructure in order to help the Government and public health agencies take critical decisions in response to the current Covid-19 pandemic situation.
•To support this platform, a mobile application called Sahyog has also been created.
[This app will help collect location specific data with the help of community workers]
•Survey of India
•It is the National Survey and Mapping Organization of the country under the Department of Science & Technology.
•It was established in 1767 and is the oldest scientific department of the Government of India.
•HQ: at Dehradun, Uttarakhand.
•The Survey of India acts as adviser to the Government of India on all survey matters, viz Geodesy, Photogrammetry, Mapping and Map Reproduction