Indian Economy News

India retains top spot as fastest-growing major economy: UN report

According to the UN, India will be the fastest-growing major economy this fiscal year, with economic growth estimated at 6.4%. China, the world's second-fastest expanding big economy, is expected to grow by 4.5% this year and 5.2% next year. The United States is expected to rise by 2.6% this year and 1.8% the next year.

Chief of the UN's Global Economic Monitoring Branch Mr. Hamid Rashid said that he expects Indian recovery will be strong in the short term which is the next 1-2 years. When asked about India's stronger economic performance and prospects in comparison to the other major nations he attributed it to lower inflation, which does not necessitate as much monetary tightening as many of the other countries. Last fiscal year, India's economy grew by 8.8% the report said. The IMF predicted an 8.2% growth rate in 2021-22, whereas the World Bank predicted 8%.

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