India to once again emerge as fastest-growing economy

Wednesday 13th December 2017 04:53 EST
 

India is all set to once again emerge as the fastest-growing economy in the world. A report put out by the United Nations has said that the country's economy is expected to grow at 7.2 per cent in 2018 and 7.4 per cent in 2019. Titled 'World Economic Situation and Prospects 2018', the report said that the outlook for India remains largely positive, and is supported by robust private consumption and public investment as well as ongoing structural reforms.

“Hence, GDP growth is projected to accelerate from 6.7 per cent in 2017 to 7.2 per cent in 2018 and 7.4 per cent in 2019.” At this rate of growth, India can definitely beat China in GDP growth as Beijing is likely to stay at a 6.5 per cent growth target in 2018. Not just the United States, even global financial services firm Morgan Stanley said that the India's GDP growth is expected to grow from 6.4 percent to 7.5 per cent in 2018 and further to 7.7 per cent in 2019. It added, “This sets the stage for a fully fledged recovery in 2018, and we expect real GDP growth to accelerate from 6.4 percent in 2017 to 7.5 per cent in 2018 and further to 7.7 per cent in 2019.”

US-based credit rating agency, Moody's Investors Service also recently said that India's GDP growth will gradually accelerate to around 8 per cent over the next three to four years. It predicted that the economy will grow 7.5 per cent in fiscal year 2017-18 and 7.7 per cent in fiscal year 2018-19.


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