1. OECD cuts India growth rate forecast to 6.6 %in 2022 and warns of slow world economic growth
Tags: Reports Economy/Finance
The Organisation for Economic Co-operation and Development (OECD) has cut the expected growth rate of the Indian economy in 2022 to 6.6% from its earlier forecast of 6.9% but it has retained its earlier forecast of 5.7% in 2023.
In its latest Economic Outlook report released on 22 November 2022 the OECD expects the world Economy to grow by 3.1% down sharply from 5.9% growth in 2021. It expects the growth to be 2.2 % in 2023 and 2.7% in 2024.
The report says that Europe has been hit hardest due to the Russia -Ukraine war and the consequent high energy prices. The 19 country’s Eurozone is expected to grow by 3.3% this year then slow to 0.5% in 2023 before recovering to grow by 1.4% in 2024.
The biggest European economy Germany is expected to contract by -0.3% in 2022.
World’s largest economy, the U.S. is expected to grow by 1.8% this year, 0.5% in 2023 and 1.0% in 2024.
China, which is not an OECD member, was one of the few major economies expected to see growth pick up next year. Growth there was seen rising from 3.3% this year to 4.6% in 2023 and 4.1% in 2024.
Organisation of Economic Cooperation and Development (OECD)
It was set upon 16 December 1960 by 18 European countries and the United States, Canada. It is a think tank which supports the free market economy.
The OECD publishes economic reports, statistical databases, analyses, and forecasts on the outlook for economic growth worldwide.
At present it has 38 member countries from Europe, South America, Asia and North America.
India, China are not members of OECD.
Headquarters: Paris, France.
2. India, China leads as Global intellectual property filings reached new records in 2021: WIPO
Tags: Reports Economy/Finance
According to the World Intellectual Property Organisation Indicators report published by the World Intellectual Property Organisation (WIPO on 21 November 2022,Global intellectual property filings of patents, trademarks, and designs, reached record levels in 2021 driven largely by increases from Asian countries of India, China, and South Korea.
The WIPO's World Intellectual Property Indicators (WIPI) report showed that innovators around the world filed 3.4 million patent applications in 2021, up 3.6 per cent from the previous year with offices in Asia receiving 67.6 percent of all applications worldwide.
According to the report the growth in registering new brands coincided with a boom in entrepreneurial activity and venture capital deals prompted by the corona pandemic's disruptions. Industrial design filing activity rose by 9.2 per cent. The largest growth in designs was also from offices in Asia.
Asia leads while US declines
According to the report, local filings of patents in India grew by 5.5%, in China it grew by 5.5%, and in South Korea by 2.5%. More than two-thirds of the patents filed were from Asia.
According to the report, in 2021 the local patenting activity declined by -1.2 percent in the US, -1.7 percent in Japan and Germany-3.9% in Germany.
World Intellectual Property Rights Organisation (WIPO)
WIPO is the global forum for intellectual property (IP) services, policy, information and cooperation.
World Intellectual Property Rights Organisation (WIPO) is a United Nations agency.
It was set up in 1967 and 193 countries are its members.
Geneva Switzerland is the Headquarters of WIPO.
Director General of WIPO: Daren Tang
World Intellectual Property Rights Day is observed on 26 April every year.
