India likely to improve economic growth to 6.3% in 2016: UN WESP Report
As per recently released UN World Economic Situation and Prospects 2015 (WESP) report, India’s economic growth is expected to improve to 6.3% in 2016.
Facts related to India from Report
India is likely to make progress in implementing economic policy reforms and thus help to provide support to business and consumer confidence.
India, will see GDP growth improving to 5.9% next year and 6.3% in 2016, which is estimated to record a 5.4% economic growth in 2014.
India’s projected 6% growth in 2016 will be the highest since the 2008-2011 period when it had grown at about 7.3%.
Key facts from report
- Global economy: It is expected to grow 3.1% in 2015 and 3.3% in 2016, compared with an estimated growth of 2.6% for 2014.
- South Asia: Economic growth in this region will gradually pick up from an estimated 4.9% in 2014 to 5.4% in 2015 and 5.7% in 2016. Regional average inflation for South Asia is projected to decrease gradually from 14.7 per cent in 2013 to 7.2 per cent in 2016.
- East Asia: During 2014, East Asian countries including China have managed to register robust growth. Inflation for East Asia will stay around the recent levels of 2-3 per cent over the outlook period.
- Developing countries: They are expected to grow at 4.8% in 2015 and 5.1% in 2016, up from the 4.3% estimated for 2014. Average inflation for developing economies will fall slowly over the outlook period.
- Western Europe: Growth in this region is expected from 1.7 per cent in 2015 to two per cent in 2016.