India to Remain Fastest-growing Economy in 2019 & 2020, Says UN Report; Pegs GDP Growth at 7.6%

01/24/2019

New Delhi, Jan. 24: India will continue to remain the word's fastest-growing large economy in 2019 as well as in 2020, said a UN report on Wednesday, further predicting the country’s GDP to grow at 7.6 per cent in the next fiscal.

According to the UN’s World Economic Situation and Prospects (WESP) 2019, India’s GDP growth is expected to accelerate to 7.6 per cent in 2019-20 from an estimated 7.4 per cent in the current fiscal ending March 2019. The growth rate may come down to 7.4 per cent a year later.

In the case of China, the growth is estimated to decelerate to 6.3 per cent in 2019 from 6.6 per cent in 2018. It may further go down to 6.2 per cent in 2020.

“Growth (in India) continues to be underpinned by robust private consumption, a more expansionary fiscal stance and benefits from previous reforms.

“Yet, a more robust and sustained recovery of private investment remains crucial to lift the medium-term growth,” WESP report said.

Referring to China, it said the growth is expected to moderate from 6.6 per cent in 2018 to 6.3 per cent in 2019, with policy support partly offsetting the negative impact of trade tensions.

The report further said the global economy would continue to grow at a steady pace of around 3 per cent in 2019 and 2020 amid signs that global growth has peaked.
However, a worrisome combination of development challenges could further undermine growth, it added.

The report also highlighted that global trade tensions pose a threat to the economic outlook.

Amid the rise in global trade tensions, world trade growth moderated over the course of 2018 to 3.8 per cent from growth of 5.3 per cent in 2017.

On Tuesday, the International Monetary Fund’s (IMF) World Economic Outlook Update had estimated India’s to grow by 7.5 per cent in the 2019-20 fiscal and 7.7 per cent in 2020-2021. The report further asserted that India will continue to be the world’s fastest growing major economy.

According to the Indian Media, Notably, the World Bank’s projections published earlier this month for India’s growth in the current and next fiscal years match those of the IMF, but is lower at 7.5 per cent for 2020-21.

Related News

India, France ink €7.87 billion agreement for 36 Rafales

NEW DELHI, 23 Sept : India and France on Friday concluded an Inter-Governmental Agreement for the purchase of 36 Rafale fighter jets at a cost of €7.87 billion, the first fighter aircraft deal since the purchase of Sukhois from Russia in the late 90’s. The deal was signed by Defence…

Let's fight battle to build a better nation and see who wins: PM Modi to Pakistan

Mohua Chatterjee| TNN | Updated: Sep 24 : KOZHIKODE: Prime Minister Narendra Modi on Saturday broke his silence on the Uri terror attack and tore into Pakistan for its role in supporting terror in the region. At his first public rally since the Uri incident, PM Modi challenged Pakistan - not at conventional war - but in…

Terror as state policy is war crime, Shah tells Pakistan

KOZHIKODE,September 25 : The BJP on Sunday reinforced Prime Minister Narendra Modi’s message to Pakistan, with party president tabling a statement on the terrorist attack on Uri, positing it as one in a decade-and-a-half of terror strikes against India by Pakistan. BJP president Amit Shah described Pakistan as a country…

Pakistan not getting support in UN on surgical strikes issue: Akbaruddin

UNITED NATIONS, Oct. 1 : India has said that Pakistan approaching the United Nations on the issue of surgical strikes by the Indian Army across the LoC has not found any resonance in the world body and rejected claims that the UN mission monitoring ceasefire “has not directly observed” any firing…

Pakistan still in anaesthesia after surgery, says Parrikar

DEHRADUN/NEW DELHI, Oct, 2 : Pakistan is like a patient who has been given anaesthesia and doesn’t know that surgery has already been done on him, Defence Minister Manohar Parrikar said on Saturday. The Minister’s remarks are first comments from a member of the Cabinet Committee on Security (CCS) following the…

Baramulla: It was a terror attack, not a case of friendly fire, says Indian BSF

NEW DELHI, Oct. 4 : The Indian BSF denied reports of "friendly fire" resulting in casualties during the terror attack on the Baramulla camp even as speculation swirled about tense nerves leading to firing late on Sunday night. The border force said terrorists struck at a joint Army-BSF camp and this claimed the life of one…

Video

Find Us on Facebook

From Social

Tokyo (Japan), Sept. 13: A new leadership assumed responsibilities at the Non Resident Nepalese Association (NRNA), Japan on Sunday. The new office bearers took oath of office and secrecy after a long fought battle resulting from dissatisfaction from those who…

Lama led officials assume responsibility in NRNA Japan