- UN slashes India’s economic growth forecast for the current financial year.
- According to the U.N., India’s economic growth rate could be 5.7% this year.
- The GDP growth of some emerging countries expected to accelerate this year.
The United Nations said on Thursday that India’s economic growth rate could be 5.7 percent in the current financial year. This is lower than the earlier estimate of the global body. A United Nations study says that GDP growth in some other emerging countries may accelerate somewhat this year.
The United Nations said that India’s economic growth rate could be 5.7 percent
However, the United Nations said this after the global economic growth rate was the lowest at 2.3 percent last year. According to the United Nations World Economic Conditions and Prospects (WESP), 2020, there is a possibility of 2.5 percent growth in 2020 but things may derail as trade tensions, financial constraints or geopolitical tensions rise. Regarding India, the report said that the economic growth rate in the current financial year can 5.7 percent.
India’s GDP growth was 6.8 percent last year
However, it estimated to be 7.6 percent in WESP 2019. At the same time, the economic growth rate in the next financial year estimated to 6.6 percent, whereas it was earlier said to be 7.4 percent. The report said that India’s GDP growth rate was 6.8 percent in the last financial year.
The government has also agreed
Earlier, a forecast released by the Central Statistics Office (CSO) of the Government of India also said that the country’s GDP will grow by just 5 percent in this financial year. The forecast figures for GDP have presented by the government recently. It states that GDP growth can be only 5 percent in FY 2019-20. Earlier, the actual growth in 2018-19 was 6.8%. At the same time, GDP growth was 7.2 percent in the financial year 2017-18. Earlier, in the financial year 2008-09 ie in the global recession, the country’s GDP was just 3.1 percent below 5 percent.