World Bank says India to retain status as fastest growing economy, 7.5% growth predicted for 2019

In comparison, China is expected to grow at a much slower rate of 6.3% in 2018-19 and 6.2% in the 2019-20 financial year.

The World Bank in its latest forecast has stated that India will continue to remain the fastest growing major economy in the world for the 2018-19 fiscal year too. As per reports, the organisation has predicted that India will maintain a growth rate of 7.3% in its GDP in 2018-19.

India’s GDP is expected to grow at a rate of 7.5% in the 2019-20 financial year. In comparison, China is expected to grow at a much slower rate of 6.3% in 2018-19 and 6.2% in the 2019-20 financial year.

The World Bank had predicted the 2018-19 GDP figures to be at 7.3% and has maintained that. In the 2017-18 FY, India’s registered growth rate was 6.7%.

- Advertisement - - Article resumes -

World Bank Prospects Groups director Ayhan Kose has stated, “India’s growth outlook is still robust. India is still the fastest-growing major economy,”.The minor slowdown in 2017-18 was attributed to the major economic reforms like GST and demonetisation.

The World Bank report says, “In India, the growth has accelerated, driven by an upswing in consumption, and investment growth has firmed as the effects of temporary factors wane. However, rising interest rates and currency volatility are weighing on activity.”

The report has stated that though demonetisation and GST did pose a temporary setback for growth figures, the two reforms have contributed significantly towards the shift from the informal to the formal sector.

Recently, India’s Central Statistics Office (CSO) had also released the advance estimates of the GDP in pursuant to the release calendar of National Accounts by Ministry of Statistics and Programme Implementation. As per the figures, the growth in terms of GDP is estimated at 7.2% as against 6.7% in 2017-2018.

The estimates by the World Bank’s GEP for the current year falls between the estimates by India’s CSO and the International Monetary Fund. IMF had predicted a 7.4% GDP growth for 2018-19.

However, the World Bank estimate paints a grim picture of the global economy in the coming years. While it has stated that the upcoming cycle of general elections in South Asia might elevate political uncertainty in the region, in some countries, the challenging political climate could even adversely affect the ongoing reform agenda and economic activities.

Overall. the global economy is expected to grow at a mere 2.9% this year, compared to the 3% of last year. For the next two financial years, the global economy is expected to grow at 2.8% only.

The growth of many advanced economies is expected to drop to 2% this FY. Rising borrowing costs, slowing external demand and constant policy uncertainties are expected to affect the economies of many countries. The forecast for advanced economies in the next two financial years is pegged at 1.6% and 1.5% respectively.


Share This Post and Support:
We need your support to survive in the media industry. Please consider paying us for the content we produce:

To know more about these payments, please click here.


Most read articles recently

Nitin Gadkari at the receiving end: Is there a pattern?

Indian Express has a massive interview of Union Minister Nitin Gadkari in its March 23, 2019 edition.
AM Sheikh Dawood promised of offering 10 litres of free liquor monthly to the families in his constituency on his victory

Independent candidate from Tamil Nadu promises 10 litres of free liquor every month on winning elections

An independent candidate from Tamil Nadu has come up with a strange promise of offering 10 litres of free liquor every month to every family in his constituency

Rahul Gandhi’s lucrative and seemingly clandestine means of income and his links to scam accused FTIL, Unitech

How does Rahul Gandhi earn to buy land and other properties? A mystery we try to unravel

Shunned by the BJP, jilted Shatrughan Sinha goes on a rampage against the party, rumoured to join Congress

Shatrughan Sinha was visibly irked and had a Twitter meltdown after the BJP declared Ravi Shankar Prasad's candidature from Patna Sahib constituency

NC Lok Sabha candidate Akbar Lone begins a rally with ‘Pakistan Zindabad’, says will abuse anyone who abuses Pakistan

Akbar Lone, NC Lok Sabha candidate for Baramulla, said that the country across is a Muslim country and abusing Pakistan would mean he is abusing himself
'Rahul Gandhi is running away from Amethi, not me': Smriti Irani on rumours BJP might field her from Wayanad

‘Rahul Gandhi is running away from Amethi, not me’: Smriti Irani on rumours BJP might field her from Wayanad

Smriti Irani rubbishes rumours that have surfaced about BJP thinking about fielding Smriti Irani from the Wayanad constituency too, to counter Rahul Gandhi. 
Sapna Chaudhary denies rumours of her joining Congress

Embarrassment for Congress: Sapna Chowdhury says she never joined Congress, picture with Priyanka Gandhi old

Denying rumours, Sapna Chaudhary said that the photos in circulation on Internet were old
Owner of AAP propaganda blog agitated when Sushma Swaraj stands up for two underage Hindu girls

AAP propaganda site owner gets angry after India expresses concerns over atrocities against Hindus in Pakistan

Sushma Swaraj's move to seek details of the Incident had agitated quite a few people in Pakistan, including their Information and Broadcasting minister Ch Fawad Hussain, who saw it as an intervention in Pakistan's internal matters.
PM Modi’s blog on Lohia: Opposition parties and their friendly media in damage control mode

PM Modi’s blog on Lohia: Opposition parties and their friendly media in damage control mode

Media chose to cover reactions of opposition leaders rather than Prime Minister Narendra Modi's scathing blog on Ram Manohar Lohia's 110th birth anniversary

Where is the money? Rahul Gandhi’s promise is going to cost a whopping Rs 3.60 lakh crore a year, 13% of union budget

Minimum Income Guarantee Scheme of Congress party ensures monthly income of Rs 12,000 for 20% of India's population

Latest articles

Connect with us

149,063FansLike
120,645FollowersFollow
31,479SubscribersSubscribe

Don't miss these


Share This Post and Support: