ID :
53222
Tue, 03/31/2009 - 23:16
Auther :
Shortlink :
https://www.oananews.org//node/53222
The shortlink copeid
World Bank projects 4 per cent growth for India in 2009-10
Washington, Mar 31 (PTI) The World Bank has scaled down
India's economic growth rate forecast to a dismal four per
cent for 2009-10, down from an estimated 5.5 per cent for
the fiscal that ends Tuesday.
India, according to the World Bank's Global Economic
Prospects 2009 released ahead of the G-20 meeting in London,
could witness some recovery in 2010-11 with growth likely to
bounce to 7 per cent.
The World Bank in November last year had projected a
growth rate of 5.8 per cent for 2009-10, which is now being
scaled down due to worsening of the global financial crisis.
As regards the global economy, the World Bank report
said, it could shrink by 1.7 per cent in 2009 as against the
growth of 0.9 per cent estimated in November.
The recovery in the global economy, according to the
latest projections, was likely to take place in 2010 which may
witness increase in the world output by 2.3 per cent.
As far as the 2008-09 is concerned, the Indian economy
was likely to grow only by 5.5 per cent, much below 7.1 per
cent estimated by the Central Statistical Organisation (CSO)
in February.
The World Bank report also projected 6.1 per cent
decline in the global trade in 2009, a forecast that will have
implications for India's exports which has been shrinking
since October.
Referring to the impact of deepening global crisis on
the developing countries, the World Bank report said, "The
reversal of capital flows, collapse in stock markets, and in
general deterioration in financing conditions have brought
investment growth in the developing countries to a halt."
In many developing countries, it added, the investment is
sharply declining.
In South Asia as a whole, the growth rate is expected to
decline to 3.7 per cent in 2009 as compared to 5.6 per cent
in the previous year.
Although terms of trade have moved in favour of the
South Asian region on account of declining oil prices, the
report said, "Weakening of demand in export markets is being
felt sharply, as is a tempering of services exports from
India's high-tech centres, as capital spending wanes
globally."
According to the World Bank report, rising budget
deficits would impair the ability of the governments to
provide fiscal stimulus to boost slowing economies. PTI CS
BDS
NNNN
India's economic growth rate forecast to a dismal four per
cent for 2009-10, down from an estimated 5.5 per cent for
the fiscal that ends Tuesday.
India, according to the World Bank's Global Economic
Prospects 2009 released ahead of the G-20 meeting in London,
could witness some recovery in 2010-11 with growth likely to
bounce to 7 per cent.
The World Bank in November last year had projected a
growth rate of 5.8 per cent for 2009-10, which is now being
scaled down due to worsening of the global financial crisis.
As regards the global economy, the World Bank report
said, it could shrink by 1.7 per cent in 2009 as against the
growth of 0.9 per cent estimated in November.
The recovery in the global economy, according to the
latest projections, was likely to take place in 2010 which may
witness increase in the world output by 2.3 per cent.
As far as the 2008-09 is concerned, the Indian economy
was likely to grow only by 5.5 per cent, much below 7.1 per
cent estimated by the Central Statistical Organisation (CSO)
in February.
The World Bank report also projected 6.1 per cent
decline in the global trade in 2009, a forecast that will have
implications for India's exports which has been shrinking
since October.
Referring to the impact of deepening global crisis on
the developing countries, the World Bank report said, "The
reversal of capital flows, collapse in stock markets, and in
general deterioration in financing conditions have brought
investment growth in the developing countries to a halt."
In many developing countries, it added, the investment is
sharply declining.
In South Asia as a whole, the growth rate is expected to
decline to 3.7 per cent in 2009 as compared to 5.6 per cent
in the previous year.
Although terms of trade have moved in favour of the
South Asian region on account of declining oil prices, the
report said, "Weakening of demand in export markets is being
felt sharply, as is a tempering of services exports from
India's high-tech centres, as capital spending wanes
globally."
According to the World Bank report, rising budget
deficits would impair the ability of the governments to
provide fiscal stimulus to boost slowing economies. PTI CS
BDS
NNNN
