UN lowered India’s growth forecast to 4.8% for 2013
United Nations lowered India’s economic growth forecast for 2013 to 4.8% and warned emerging market economies of the possible negative impact of a tapering of the US Federal Reserve’s quantitative easing program.
The UN’s World Economic Situation and Prospects 2014 report lowered India’s economic growth forecast by 1.3 % for 2013, while it pegged India’s growth rate down 1.2 % at 5.3 per cent in 2014. It projects India’s economic growth at by 5.7 % in 2015.
As per the UN report:
- China’s growth was expected to maintain a pace of about 7.5 % over the next few years, though India’s economy was forecast to grow by more than 5 %.
- Global economy is expected to expand by 3.0 % in 2014 and by 3.3 % in 2015, compared with estimated growth of 2.1 per cent for 2013.
- The predictions are based on an end to the euro’s protracted recession and somewhat stronger growth in the United States.