WASHINGTON: The World Bank has forecast a growth rate of 7.3 per cent for India this year and 7.5 per cent for the next two years, making it the fastest growing country among major emerging economies.
A top World Bank official said India’s economy is robust, resilient and has potential to deliver sustained growth.
Growth in India is projected to advance 7.3 per cent in fiscal year 2018-19 and 7.5 per cent in FY 2019-20, reflecting robust private consumption and strengthening investment, the bank said in its June 2018 edition of the Global Economic Prospect report. The report, released on Tuesday, is the global lender’s flagship publication on the state of the world economy.
It said that growth in South Asia is projected to strengthen to 6.9 per cent in 2018 and to 7.1 per cent in 2019, mainly as factors holding back growth in India fade. India retains the tag of the fastest growing country among the world’s major emerging economies, Ayhan Kose, director of the development prospects group at the World Bank, said. “India’s economy (today) is robust, resilient and has potential to deliver sustained growth,” Kose said. India’s growth projections remain unchanged since its January 2018 forecast.
China is expected to slow down slightly from 6.9 per cent in 2017 to 6.5 per cent in 2018, 6.3 per cent in 2019 and 6.2 per cent in 2020, it said. India’s growth potential is about 7 per cent, and it is currently growing at a pace above its potential, he said, attributing it to the major economic reforms and fiscal measures undertaken by the NDA government. agencies