UNCTAD forecasts India’s growth at 5.2% in 2013
As per the Trade and Development Report 2013 released by the United Nations Conference on Trade and Development (UNCTAD), Indian economy is likely to grow at 5.2% in 2013 calendar year on account of rising domestic demand.
UNCTAD’s India growth prediction at 5.2% for 2013 is however lower than the International Monetary Fund’s forecast of 5.6% for the same period.
For China, the report projected a moderate decline to about 7.6% in 2013 from 7.8% last year.
India’s economic growth declined to a decade’s low of 5% in 2012-13 fiscal. The RBI has projected a growth rate of 5.5% for the current fiscal.
As per UNCTAD, the global growth in 2013 is likely to marginally drop to 2.1% from 2.2% in 2011 and added that developing countries would be affected by slowdown in developed nations.