As the world's fastest-growing economy at 5.8%, India is a bright spot: UN Economist
- IBEF
- January 27, 2023
According to the United Nations (UN) Chief official monitoring the global economy, India is a ‘bright spot’ as the fastest-growing major economy at 5.8% this year while the world economy is expected to grow only by 1.9%.
Mr. Hamid Rashid, Chief of the Global Economic Monitoring Branch, mentioned that the UN is anticipating a growth rate of 6.7% for the next year, which signifies a very high growth compared to the other G20 countries. He added that India’s growth trajectory will be good to attain the UN’s Sustainable Development Goals (SDGs) for poverty reduction and development. He attributed three factors to India’s growing economy- falling unemployment which signals strong domestic demand, easing of inflation, and lower import bills.
In addition to it, India’s President Ms. Droupadi Murmu in her Republic Day speech highlighted that India has been amongst the fastest-growing major economies because of the timely and proactive interventions of the government. The 'Aatmanirbhar Bharat' initiative, in particular, has brought great response among the people at large, she added.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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