Ayhan Kose, director of the World Bank’s Development Prospects Group, said: “The Indian economy today is strong, resilient and has the potential to achieve sustained growth.” The World Bank said in its June 2018 Global Economic Outlook report that the Indian economy is expected to be in 2018. In fiscal year -2019 (April 1, 2018-2019), it increased by 7.3% and increased by 7.5% in fiscal year 2019-2020, reflecting strong private consumption and strong investment demand.
The report, released on the first Wednesday of the month, is the flagship publication of the global bank on the state of the world economy. According to the report, South Asia’s economic growth is expected to reach 6.9%in 2018 and 7.1% in 2019, mainly because “the factors that hinder India’s economic growth are weakened”.
Earlier, international lenders had said that problems in the initial implementation of the Goods and Services Tax (GST) affected India’s growth. Kose said that India is still the fastest growing country among the world’s major emerging economies. India’s growth expectations are unchanged from the January 2018 forecast. He said that India’s growth potential is about 7%, and its current growth rate is higher than its potential, which is due to major economic reforms and fiscal measures implemented by the Indian government.
The World Bank said in its latest report that investment in India has stabilized recently as the impact of temporary factors has weakened. The agency said that growth in South Asia is expected to accelerate to 6.9% in 2018, mainly reflecting the growth of domestic demand in India under the circumstance of temporary policy-driven damage.
“In the medium term, India’s economic growth is expected to remain strong in the face of strong domestic demand, and will reach 7.2% by 2020. Downside risks continue to dominate. This may include a possible financial downturn; postponing reforms to address financial fragility Improving the health of the regional banking system and tightening global financial conditions faster than expected,” the report added, “higher-than-expected global growth may lead to better regional growth.
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