Indian Economy: A top UN economist has praised India for being a “bright spot” in the global economy, with the country projected to experience a robust growth rate of 6.7% in the coming year. According to the Chief of the Global Economic Monitoring Branch, Hamid Rashid, India’s strong economic footing is a standout among G20 member countries.
What did Hamid Rashid say on Indian Economy?
Rashid highlighted India’s strong economic performance at the press conference for the launch of the World Economic Situation and Prospects 2023 report. Despite projected moderate growth of 5.8% in 2023 due to factors such as increasing interest rates and global economic challenges, he stated, “India is a shining star in the current global economy.
According to the report, India’s economy is expected to maintain its “strong” growth trajectory, outpacing other nations in South Asia. With an projected growth rate of 6.7% in 2024, India is forecasted to be the fastest-growing major economy in the world. Rashid stated that the Indian economy is on a solid foundation, driven by robust domestic demand in the short-term. He also added that India’s growth rate of 6.7% in 2024 is a significant achievement, especially compared to other countries in the G20.
The G20 is a group of 19 countries and the European Union, including Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, and United States.
Rashid remarked, “This is a sustainable growth rate for India. India also has a significant number of people living in poverty. So this would be a great boost. If India can sustain this growth rate in the near term, that would be good for the Sustainable Development Goals, good for poverty reduction globally.”
Global economy to face recession?
The latest report paints a bleak and uncertain picture of the global economy in the short-term. According to the forecast, the global growth is expected to improve slightly to 2.7% by 2024, as some of the challenges ease up. However, this projection is highly contingent on factors such as the timing and intensity of further monetary tightening, the outcome of the war in Ukraine, and potential additional disruptions to supply chains.
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