Recently released UN World Economic Situation and Prospects (WESP) Report for Mid update -2015 has projected that India’s economic growth will surpass China’s growth in 2016.
The report has projected India’s economy to grow by 7.6 per cent in year 2015 and 7.7 per cent in 2016. While, it has projected China’s economic growth will be 7 per cent in year 2015 and 6.8 per cent in 2016.
Key facts from report
- It has termed South Asia’s economic outlook as largely favourable as most economies in this region are expected to experience a strengthening of growth in 2015-16.
- The main reasons for strengthening of growth in this region will be because of stronger domestic consumption and investment, and increase in exports.
- The report has forecasted South Asian region’s GDP will grow by 6.7 per cent in 2015 and 6.9 per cent in 2016.
- It also projected that the global GDP will accelerate slightly from 2.6 per cent in 2014 to 2.8 per cent in 2015.
- While, the global consumer price inflation will be at an average of 2.5 per cent, the lowest level since 2009.