India remains global growth champ with 7.8 percent economy expansion in 2016

India remains the global growth champion with its economy set to increase by 7.8 percent in the new year although a World Bank report released Thursday cut it from the 7.9 projected last June.

Overall the bank’s Global Economic Prospects Report painted a gloomy global outlook cutting the global growth by almost a half percent to 2.9 percent in 2016 from the 3.3 percent forecast last June.

In the growth race among the major economies, China remains the runner-up with its economy projected to grow by 6.7 percent this year and 6.5 percent next year. The growth projections for U.S. economy are 2.7 this year, 2.4 next year and 2.2 in 2018.

It kept India’s economic growth as measured by increase in gross domestic product at 7.9 percent for 2017, “although the pace of reforms has slowed somewhat.” For 2018, it cut the projection from 8 percent made last June to 7.9 percent.

The report recognised India’s resilience saying, “Compared to most other major developing countries, India is well positioned to withstand near-term headwinds and volatility in global financial markets due to reduced external vulnerabilities, a strengthening domestic business cycle, and a supportive policy environment.”.......................................   Read more

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