UN World Economic Situation and Prospects 2016 Report is released which says India will be the fastest growing big economy in the world in 2016. The report has projected India’s growth rate by 7.3 % in the year 2016 and 7.5 % in 2017 slightly up from an earlier estimated 7.2 % rate in 2015.
World Economic Situation and Prospects 2016 Report Highlights:
- The world economy stumbled in 2015 and only a modest improvement is projected for 2016/17 as a number of cyclical and structural headwinds persist.
- Global growth is estimated at a mere 2.4 per cent in 2015, marking a downward revision by 0.4 percentage points from the UN forecasts presented six months ago.
- The highest growth rate in India has been attributed to improvement in the macroeconomic environment with the help of sharp decline in the prices of oil, food and metals.
- In 2016 and 2017, South Asia region is expected to be the world’s fastest-growing region despite challenging global conditions.
- Amid lower commodity prices, large capital outflows and increased financial market volatility, growth in developing and transition economies has slowed to its weakest pace since the global financial crisis of 2008/2009.
- Given the much anticipated slowdown in China and persistently weak economic performances in other large emerging economies, notably the Russian Federation and Brazil, the pivot of global growth is partially shifting again towards developed economies.
- Check Full Report in PDF at Official website: http://www.un.org/en/development/desa/policy/wesp/
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