23 Jan 2018, 14:18 — 2 min read
India’s outlook for growth as measured by the International Monetary Fund (IMF) ahead of the World Economic Forum in Davos gives the nation cause for optimism.
Growth is projected at 7.4% giving India the fastest growing economy tag among developing countries. The country has recovered from a slowdown caused by demonetisation and the rollout of GST last year.
The forecast for 2019, the year after, is set at an even higher 7.8% with the country expected to build on the momentum generated over the course of this year. India’s growth rate which was at 7.1% in 2016 had slowed down to 6.7% in 2017. China was ahead in the past year with a robust growth of 6.8%.
IMF’s first Deputy Managing Director David Lipton had said at the Asian Financial Forum in Hong Kong last week that, “India is reclaiming its place as a growth leader after a short slowdown. And the ASEAN-5 have gained momentum in response to higher investment and increased exports."
The region as a whole is experiencing growth. The outlook for Asian economies being largely positive with China and India leading the way despite a tempering in China’s growth.
“Emerging and developing Asia will grow at around 6.5% over 2018-19, broadly the same pace as in 2017,” IMF said. The region accounts for 50% of the world’s growth in recent years.
“Growth is expected to moderate gradually in China (though with a slight upward revision to the forecast for 2018 and 2019 relative to the fall forecasts, reflecting stronger external demand), pick up in India, and remain broadly stable in the ASEAN-5 region,” IMF added.
Posted byGlobalLinker Staff
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