Wednesday, April 1, 2020
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.

Also Read

OpIndia Staff
Staff reporter at OpIndia

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%.

- article continues after ad - - 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.

- Support OpIndia -
Support OpIndia by making a monetary contribution

Trending now

OpIndia Staff
Staff reporter at OpIndia

Latest News

‘The killer coronavirus probably originated from a laboratory in Wuhan’, claims research paper published by Chinese scientists

According to the Chinese research paper, the only place those particular bats existed locally was inside a research facility which was just several hundred yards from the Wuhan wet market. The paper strongly concluded that the coronavirus pandemic had likely been the result of a leak from the lab.

French Church’s mega congregation in February linked to over 2500 cases of coronavirus across 4 countries

An evangelical church in Mulhouse, France organized an event in mid-February that has now been linked to at least 2500 cases of corona virus across four countries.

Coronavirus: No N95 masks or critical PPEs are being exported, govt allays fears in wake of claims on social media

On 29 March, India supplied 90 tonnes of medical protective equipment to Serbia to help the country in fighting the Chinese coronavirus outbreak.

Andaman and Nicobar: COVID-19 positive patients who had attended Tablighi Jamat event in Delhi misleading police over contact history, FIR lodged

The two Tablighi Jamat attendees, named Farzand Ali and S Rehman have been reportedly giving deliberate false information to the police over the persons they have met and places they had visited.

Coronavirus: Over 130 from Pune attended Tablighi Jamaat in Delhi’s Nizamuddin, 60 traced, many untraceable

Over 130 people from Pune had attended the Tablighi Jamaat event in New Delhi's Nizamuddin which has emerged as the latest hotspot for the contagion in India.

Recently Popular

Tablighi Jamaat and its links to terrorist organizations: History of association to Al Qaeda, Taliban and Kashmiri terrorists

The links of Tablighi Jamaat with terrorist organizations such as the Al Qaeda become hugely significant.

We’re not rich like US, but we’ve Islam: Pakistan PM announces ways to fight Coronavirus

Imran Khan, in his address to his nation on March 30, praised China, the country which unleashed Wuhan coronavirus on rest of the world.

Muslim clerics of Tablighi Jamaat exhibiting symptoms of COVID-19 found spitting out on roads from buses

The Muslim clerics of Tablighi Jamaat suspected of suffering from COVID-19 were transported from Nizamuddin to medical centre for their treatment

Indian Cricketers shamelessly donating to Shahid Afridi Foundation to supposedly fight Coronavirus seem to have no self-respect: Here is why

Former Indian cricketers Harbhajan Singh and Yuvraj Singh are voicing their support for the Shahid Afridi Foundation despite the fact that the Pakistani cricketer on numerous occasions has made crass remarks about India and Hindus.

Uttar Pradesh: Maulvi booked for hiding Indonesian Muslims in a mosque in Bijnor, Muslims of other nationalities also found from other mosques

A Markazi mosque in Kaiserbagh area of Lucknow was found sheltering foreigners from Kyrgystan and Kazakhastan since March 13

Subscribe to our newsletter

Each morning, get an email to keep updated with all the news, opinions and analysis published by OpIndia.

Connect with us