UPSC Prelims 2015 Q21: Indian Economy – International Institutions & Reports
Which one of the following issues the ‘Global Economic Prospects’ report periodically?
- (a) The Asian Development Bank
- (b) The European Bank for Reconstruction and Development
- (c) The US Federal Reserve Bank
- (d) The World Bank
Answer: (d) The World Bank
Explanation
Global Economic Prospects report
The report is issued by the World Bank, twice a year (January and June).
It gives growth forecasts for the world and for developing economies.
| Body | Flagship reports |
|---|---|
| World Bank | Global Economic Prospects, World Development Report |
| International Monetary Fund | World Economic Outlook, Global Financial Stability Report |
| Asian Development Bank | Asian Development Outlook |
| OECD | Economic Outlook |
| UNCTAD | World Investment Report, Trade and Development Report |
The other options: the European Bank for Reconstruction and Development publishes the Transition Report; the US Federal Reserve publishes the Beige Book.
Answer: (d) The World Bank.
Why each option is right or wrong
- (a) Incorrect. The Asian Development Bank publishes the Asian Development Outlook.
- (b) Incorrect. The European Bank for Reconstruction and Development publishes the Transition Report.
- (c) Incorrect. The US Federal Reserve Bank does not issue this report.
- (d) CORRECT. The World Bank issues the Global Economic Prospects report periodically.
Key point
World Bank: Global Economic Prospects (twice a year) and World Development Report. IMF: World Economic Outlook and Global Financial Stability Report.
Remember
Global Economic Prospects = World Bank.
Common mistakes
- Confusing Global Economic Prospects (World Bank) with World Economic Outlook (IMF).
- Giving the report to the Asian Development Bank.
- Thinking it comes out only once a year.
Exam tip
'Prospects' = World Bank. 'Outlook' = IMF, ADB or OECD.
Sources
- World Bank — Global Economic Prospects
- International Monetary Fund — World Economic Outlook