India leading the World Bank’s growth chart of major economies:-Kaushik Basu
India with an expected growth rate of 7.5 percent this year is set to surpass China and for the first time is leading the World Bank’s growth chart of major economies.
Global Economic Prospects (GEP) report says-
“In India, new reforms are improving business and investor confidence and attracting new capital inflows, and should help raise growth to 7.5 percent this year. In Pakistan, remittances are expected to remain solid, and manufacturing and service sectors should continue to recover. However, growth is expected to remain moderate, reflecting ongoing energy constraints.”
Report also highlighted that
“Slowly but surely the ground beneath the global economy is shifting. China has avoided the potholes skillfully for now and is easing to a growth rate of 7.1 percent; Brazil, with its corruption scandal making news, has been less lucky, dipping into negative growth. With an expected growth of 7.5 percent this year, India is, for the first time, leading the World Bank’s growth chart of major economies. The main shadow over this moving landscape is of the eventual U.S. liftoff,” said Kaushik Basu, World Bank Chief Economist and Senior Vice President. “This could dampen capital flows and raise borrowing costs.