In yet another sensational news, India will continue to be the world’s fastest-growing large economy in 2019 and in 2020. The nation is growing at a brisk pace and it is well ahead of China, UN report said on Wednesday.
According to the UN’s World Economic Situation and Prospects (WESP) 2019, India’s GDP growth is likely to increase to 7.6 per cent in 2019-20 from an estimated 7.4 per cent in the current fiscal ending March 2019. It has bee said that the growth rate may come down to 7.4 per cent a year later.
In the case of China, the growth is likely to come down to 6.3 per cent in 2019 from 6.6 per cent in 2018. This means there is a possibility to further decelerate 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, more robust and sustained recovery of private investment remains crucial to lift the medium-term growth.” WESP report said.
Citing China, it said the growth is estimated to moderate from 6.6 per cent in 2018 to 6.3 per cent in 2019. However, the report further said the global economy would continue to accelerate at a good pace of around 3 per cent in 2019 and 2020 amid signs that global growth has peaked.
(With inputs from TOI)