Indian Economy News

India best performing among major economies in the world: Report

  • IBEF
  • July 11, 2022

According to Mr. Pradeep Multani, President, PHD Chamber of Commerce and Industry (PHDCCI), India is the only economy among the top ten major countries that has exhibited steady improvement in macroeconomic performance over the previous four years due to its successful dynamic policy environment.

According to the industry body PHD Chamber of Commerce and Industry, the rank analysis of International Economic Resilience (IER) for each of the years 2019, 2020, 2021, and 2022 suggests that India's macroeconomic endurance has consistently improved over the last four years as compared to the other leading economies in the world, and India is projected to improve to the IER rank of 2nd for the year 2022.

Countries with declining resilience include China (IER Rank in 2019 was 2nd and it slipped to the 3rd position in 2022), the United Kingdom (IER Rank in 2019 was 3rd and it slipped to the 5th position in 2022), France (IER Rank in 2019 was 4th and it slipped to the 6th position in 2022), and Brazil (IER Rank in 2019 was 9th and it slipped to the 7th position in 2022). According to the IMF's April 2022 WEO, India's real GDP growth rate and merchandise export growth rate for 2022 are expected to be the highest in the world, at 8.2% and 7.0%, respectively.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.