India's GDP to grow 8.1% in 2011, second only to China: UNCTAD

UNCTAD-INDIA
 India's GDP to grow 8.1% in 2011, second only to China: UNCTAD
       New Delhi, Sep 6 (PTI) The Indian economy is likely to
 expand by 8.1 per cent in 2011, the fastest growth rate in the
 world after China, UN agency said Tuesday.
       In its global release of Trade and Development Report
 2011, the United Nations Conference on Trade and Development
 (UNCTAD) Tuesday said the India economy will grow by 8.1 per
 cent in 2011, against to 8.6 per cent in 2010, despite
 slowdown in developed nations and many other countries.
       According to UNCTAD, only China will surpass India. The
 East Asian giant is likely to register a growth of 9.4 per
 cent in 2011 compared to 10.3 per cent in 2010.
       "In South Asia, India continues to pursue rapid economic
 growth (close to 8 per cent), based mainly on strong domestic
 consumption and investment, but also on the positive
 contribution of net exports," the report said.
       UNCTAD's projection for India in 2011 is a tad lower than
 International Monetary Fund's forecast of 8.2 per cent growth.
       The government expects the Indian economy to grow by
 around 8.5 per cent in 2011-12, while the RBI has projected
 the GDP growth of 8 per cent this fiscal.
       The World Bank had in June said India's economy would
 expand by 8 per cent in 2011-12, while the Asian Development
 Bank projected a growth of 8.2 per cent during the current
 financial year.
       UNCTAD said the global economic growth in 2011 will slow
 down to 3.1 per, compared to almost 4 per cent last year and
 added that developing economies could be affected by
 recession in developed nations.

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   While developing economies are expected to regain the
 pre-crisis growth rate of 6 per cent this year, growth in
 developed economies is expected to be only between 1.5-2 per
 cent, the report said.
       Regarding South Asia, UNCTAD said the region was likely
 to be among the best performers, with a growth of 7 per cent
 in 2011.
       The report said that growth in the US is likely to remain
 low on account of low domestic demand, stagnating wages and
 employment, and low interest rates. The European debt crisis
 along with spreading fiscal austerity, is also expected to act
 as a drag on the global growth.
       As per the UNCTAD's forecast, Japan's economy will shrink
 by 0.4 per cent in 2011, against a growth of 4 per cent last
 year. The US economic growth is also expected to slow to 2.3
 per cent this year, down from 2.9 per cent in 2010.
       The 27-nations' European Union is, however, expected to
 grow by 1.9 per cent in 2011 compared to 1.8 per cent in 2010.
       Among other BRICS nations, Brazil's annual growth is
 likely to fall to 4 per cent this year from 7.5 per cent last
 year, while Russia's economy is projected to expand by 4.4 per
 cent against 4 per cent last year.
       According to UNCTAD, South Africa's economic growth in
 2011 is likely to be 4 per cent in 2011 compared to 2.8 per
 cent in 2010. PTI PPB
 HMI