After the International Monetary Fund (IMF), the United Nations (UN) has also said that the Indian economy will move faster at 2019 and 2020 and its speed will be the highest in the whole world. A report released by the United Nations on Wednesday said that the growth rate of the Indian economy would be 7.4 percent in 2018-19 and 7.6 percent in the next financial year 2019-20.
‘Getting the benefits of reforms’
The United Nations Global Economic Status and Prospects (WESP) 2019 report estimates that the growth rate of India’s Gross Domestic Product (GDP) in 2020-21 will be 7.4 percent. It has been said in the report that growth is being supported by strong personal consumption, financial position with greater detail and the benefits of previous reforms. It has been said that continuous improvement in private investment is important for the medium term growth rate.
‘China’s pace will be less’
Referring to China, it has been said that there is an estimated 6.6 percent growth rate in 2018 and 6.3 percent in 2019. Trade war has also been described as responsible for this.
Referring to the global economy, the report said that in 2019 and 2020, its growth rate will be close to 3 percent. United Nations Secretary-General António Guterres cautioned that global economic indicators are largely favorable, but they do not tell the whole story. He said that global economic conditions and prospects have raised concerns about the sustainability of global economic growth in 2019.
Earlier, the IMF also said that the growth rate of Indian economy is estimated to be 7.5 percent in 2019 and 7.7 percent in 2020. The IMF said that during the two years, the growth rate of Indian economy will be one percent higher than that of China. In 2019 and 2020, China’s economy is projected to grow at 6.2 percent.