The International Monetary Fund (IMF) expects the Sultanate's GDP to grow 3 per cent next year compared to -2.8 per cent in 2020, as the COVID- 19 pandemic adversely impacts economies globally, a report said. According to the IMF's World Economic Outlook, oil exporting nations in the Middle East and Central Asia are expected to see a 3.9 per cent decline in GDP growth this year, rising however to 4.6 per cent in 2021, while growth in oil-importing countries is expected to decline to -0.8 per cent this year, rising to 2.9 per cent next year. "The COVID-19 pandemic is inflicting high and rising human costs worldwide," the multilateral global lender said in the Executive Summary of its report. "Protecting lives and allowing health care systems to cope have required isolation, lockdowns, and widespread closures to slow the spread of the virus. The health crisis is therefore having a severe impact on economic activity." According to the Fund, many countries face a multi-layered crisis comprising a health shock, domestic economic disruptions, plummeting external demand, capital flow reversals, and a collapse in commodity prices. 1. What is the main cause of decline in GDP as per the case? Give one-word answer. 2. Write a brief about the core issue discussed in the above passage.
The International Monetary Fund (IMF) expects the Sultanate's GDP to grow 3 per cent next year compared to -2.8 per cent in 2020, as the COVID- 19 pandemic adversely impacts economies globally, a report said. According to the IMF's World Economic Outlook, oil exporting nations in the Middle East and Central Asia are expected to see a 3.9 per cent decline in GDP growth this year, rising however to 4.6 per cent in 2021, while growth in oil-importing countries is expected to decline to -0.8 per cent this year, rising to 2.9 per cent next year. "The COVID-19 pandemic is inflicting high and rising human costs worldwide," the multilateral global lender said in the Executive Summary of its report. "Protecting lives and allowing health care systems to cope have required isolation, lockdowns, and widespread closures to slow the spread of the virus. The health crisis is therefore having a severe impact on economic activity." According to the Fund, many countries face a multi-layered crisis comprising a health shock, domestic economic disruptions, plummeting external demand, capital flow reversals, and a collapse in commodity prices. 1. What is the main cause of decline in GDP as per the case? Give one-word answer. 2. Write a brief about the core issue discussed in the above passage.
Chapter30: Growth And Less Developed Countries
Section: Chapter Questions
Problem 20SQ
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The International Monetary Fund (IMF) expects the Sultanate's GDP to grow 3 per cent next year compared to -2.8 per cent in 2020, as the COVID- 19 pandemic adversely impacts economies globally, a report said. According to the IMF's World Economic Outlook, oil exporting nations in the Middle East and Central Asia are expected to see a 3.9 per cent decline in GDP growth this year, rising however to 4.6 per cent in 2021, while growth in oil-importing countries is expected to decline to -0.8 per cent this year, rising to 2.9 per cent next year. "The COVID-19 pandemic is inflicting high and rising human costs worldwide," the multilateral global lender said in the Executive Summary of its report. "Protecting lives and allowing health care systems to cope have required isolation, lockdowns, and widespread closures to slow the spread of the virus. The health crisis is therefore having a severe impact on economic activity." According to the Fund, many countries face a multi-layered crisis comprising a health shock, domestic economic disruptions, plummeting external demand, capital flow reversals, and a collapse in commodity prices.
1. What is the main cause of decline in GDP as per the case? Give one-word answer.
2. Write a brief about the core issue discussed in the above passage.
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