In February, China began the latest round of pilot trials for its new digital currency. According to news, the proposal will be implemented on a wide scale by the end of this year, just in time for the 2022 Beijing Winter Olympics. 

 

 

♦ The digital renminbi, formally known as "Digital Currency Electronic Payment (DCEP)," is a digital version of Chinese currency that can be downloaded and exchanged through a People`s Bank of China-approved application (PBOC). 

♦ This is legal tender, backed by the central bank, rather than money backed by a third party. There are no transaction costs and there are no third-party transactions. 

♦ Digital currencies, unlike electronic wallets, do not require an Internet connection. Near Field Communication (NFC) is used to make the charge. 

♦ Unlike non-bank payment platforms that require users to connect a bank account, a personal identification code may be used to open an account. 

 

 

The World Economic Outlook, Managing Recovery in Different Environments, was published by the International Monetary Fund. 

 

 

♦ According to the report, India`s GDP will rise by 12.5 percent in the current fiscal year 2022. This is 1% higher than the previous estimate in January 2021, which was 11.5 percent. Among emerging economies and elite developed economies, this is the largest. 

♦ Furthermore, India`s growth forecast for 2023 has been increased from 6.8% to 6.9%. The International Monetary Fund had previously forecast that India`s growth rate will be 6.8%. 

♦ The global economy is forecast to expand by 6% in 2021 before slowing to 4.4 percent in 2022. The global economy will contract by 3.3 percent by 2020. 

♦ China`s GDP has recovered to pre-COVID levels in 2020, according to this study. Many other nations, on the other hand, are not expected to restart production until 2023. 

♦ The hotel and catering industries have experienced significant production and job losses as a result of COVID-19. North America, India, and China, according to the survey, are expected to recover quickly. 

♦ In terms of vaccination, the United Kingdom and the United States both outperform the economy. Asia, on the other hand, is lagging behind in vaccine growth. 

♦ The economy dependent on tourism has been hit hard. For example: Spain. 

♦ Unlike the financial crisis of 2008, the global economic recovery seems to have taken a detour (one is higher than the other). This is due to the fact that vaccines are introduced in various ways in different parts of the world. Furthermore, financial assistance varies by place. 

 

 

♦ The International Monetary Fund (IMF) was founded after WWII to aid in the reconstruction of countries that had been affected by the conflict. It was established in 1945. 189 countries control and pay for it. In 1945, India became a member of the International Monetary Fund. The International Monetary Fund also published the "Global Financial Stability Report" in addition to the "World Economic Outlook."