ID :
124706
Fri, 05/28/2010 - 10:35
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https://oananews.org//node/124706
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India expected to record 7.9 pc growth this fiscal: UN
New Delhi, May 27 (PTI) The United Nations has projected
a growth of 7.9 per cent for India in the current fiscal as it
hailed the country along with China for leading developing
nations to recovery from the worst economic downturn since
World War II.
In its 2010 World Economic Situation and Prospects
report, the world body has predicted the global economy will
grow by three per cent this year and then by another 3.1 per
cent next year.
The report of the UN Department for Economic and Social
Affairs (DESA) noted that the global economy is slowly
rebounding from the worst of the recession but said most of
the developed economies remained "lacklustre" and could not
provide "sufficient impetus to the global economy."
"While developing Asia, particularly China and India,
is leading the way among developing countries, the recovery is
much more subdued in many economies in Africa and Latin
America," the report, summary of which was released here by
the UN office, said.
About India, it forecast the growth this financial year
to be 7.9 per cent while for China it predicted 9.2 per cent.
It said the world's developed economies are expected
to collectively grow by only 1.9 per cent this year and 2.1
per cent in 2011, with countries in the Euro zone struggling
most of all.
The report credited fiscal stimulus packages and
expansionary monetary policies introduced by governments
worldwide for the recovery.
Household consumption and business investment are both
showing tentative signs of revival and international trade is
also on the increase again, although still below its
pre-crisis peak.
"The good news is that the crisis in the real economy
has abated and we see continued recovery, but at the same time
it's weak and uneven," said Rob Vos, Director of Development
Policy Analysis in DESA.
He said the "bad news is that there's continued
downside risks to this outlook which may lead us to mediocre
growth prospects for the coming years."
The report notes that the global economy still contains
important weaknesses, with credit flows to non-financial
sectors remaining relatively weak, especially in some
wealthier industrialised nations. PTI
a growth of 7.9 per cent for India in the current fiscal as it
hailed the country along with China for leading developing
nations to recovery from the worst economic downturn since
World War II.
In its 2010 World Economic Situation and Prospects
report, the world body has predicted the global economy will
grow by three per cent this year and then by another 3.1 per
cent next year.
The report of the UN Department for Economic and Social
Affairs (DESA) noted that the global economy is slowly
rebounding from the worst of the recession but said most of
the developed economies remained "lacklustre" and could not
provide "sufficient impetus to the global economy."
"While developing Asia, particularly China and India,
is leading the way among developing countries, the recovery is
much more subdued in many economies in Africa and Latin
America," the report, summary of which was released here by
the UN office, said.
About India, it forecast the growth this financial year
to be 7.9 per cent while for China it predicted 9.2 per cent.
It said the world's developed economies are expected
to collectively grow by only 1.9 per cent this year and 2.1
per cent in 2011, with countries in the Euro zone struggling
most of all.
The report credited fiscal stimulus packages and
expansionary monetary policies introduced by governments
worldwide for the recovery.
Household consumption and business investment are both
showing tentative signs of revival and international trade is
also on the increase again, although still below its
pre-crisis peak.
"The good news is that the crisis in the real economy
has abated and we see continued recovery, but at the same time
it's weak and uneven," said Rob Vos, Director of Development
Policy Analysis in DESA.
He said the "bad news is that there's continued
downside risks to this outlook which may lead us to mediocre
growth prospects for the coming years."
The report notes that the global economy still contains
important weaknesses, with credit flows to non-financial
sectors remaining relatively weak, especially in some
wealthier industrialised nations. PTI
