Sunday, February 28, 2021
Home Economy and Finance World Bank says India to retain status as fastest growing economy, 7.5% growth predicted...

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%.

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.

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

Related Articles

Trending now

Hindu Mahasabha asks Rahul Gandhi to change Congress’ name to ‘Godsevadi Congress’ after Godse follower joined party: Read why

Hindu Mahasabha has advised Congress leader Rahul Gandhi to change the name of the Congress party to Godsevadi Congress.

As desperate Pakistan welcomes the Indo-Pak ceasefire with much fanfare, India takes it with a caution

The latest ceasefire agreement between India and Pakistan comes nearly 17 years after such an agreement was first signed

Encryption vs Compliance: The new IT Act guidelines put messaging services like WhatsApp in a tight situation

To comply with the new IT Act guidelines, services like WhatsApp will have to break its famous end-to-end encryption

Is Yogendra Yadav now an anti-election activist?

“We should have an outcome very soon, we do not have a mandate.” These were the words of Yogendra Yadav after Bihar elections

Yogi Adityanath’s Uttar Pradesh advances to the second position on the GSDP list ahead of Tamil Nadu, was fifth only a year ago

Amidst economic gloom induced by the pandemic, Uttar Pradesh under the leadership of Yogi Adityanath has recorded impressive GSDP figures

A 2 minute video with 16 cuts: Pakistan releases new doctored video of Wing Commander Abhinandan days after committing to peace at LoC

Pakistan has released a new video of Wing Commander Abhinandan who had fallen into the hands of the Pakistani Army.

Recently Popular

Did Aamir Khan’s daughter Ira Khan elope with her Hindu servant? Here is the truth

The image that is being used to claim that Iran Khan has 'eloped with her Hindu servant' was originally shared by Nupur Shikare, her fitness trainer. The two were posing on the occasion of Diwali.

US President Joe Biden casually drops the N-word during Munich Security Conference, accused of racism on social media

The N-word is considered as one of the hateful words that were first uttered in the 17th century. Its origin can be traced back to the Spanish word 'negro', which is often used by white supremacists to deliberately offend the African-American community.

Father of Richa Bharti, the girl who had refused to distribute Quran to secure bail, shot dead in native Bihar village: Read details

The father of the daring Bihar girl Richa Bharti has been shot down by assailants in her native village of Nalanda district in Bihar.

Father of 6, Mehtab Rana, abducts minor by shrouding her in Burqa, had abducted the girl twice in 2018, role of in-laws, family suspected

Kidnapping of a 17-year-old girl in Agra, where accused made her wear a 'burqa', has sent shockwaves and resulted in outrage

“A contest between my ball and your ball”: Netizens in splits after comments of Harsha Bhogle go viral

Harsha Bhohgle said that a cricket contest should be between bat and ball, not between bat and bat or ball and ball

Spokesperson of Samajwadi Party resigns after workers abuse his wife for sharing anti-Akhilesh Facebook post: Details

Anil Yadav of Samajwadi Party has resigned from the party after his wife, Pankhuri Pathak, was abused by SP workers.
- Advertisement -

 

Connect with us

253,132FansLike
520,785FollowersFollow
23,800SubscribersSubscribe