1/15/2015

IndiatogrowatChina'spacebyFY17:WorldBank

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Jan152015:TheTimesofIndia(Delhi)

Indiatogrowat
China'spaceby
FY17:World
Bank
NewDelhiWashington:
TIMESNEWSNETWORK

The Indian economy is expected to

catch up with China by 201617 and is
expected to grow 6.4% in 2015 on the
back of reform measures unveiled by the
new government, the World Bank has

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IndiatogrowatChina?spacebyFY17:World
Bank

said. The steps taken by the government

to revive growth and boost sentiment
since it assumed power in May and the
sharpslideinglobalcrudeoilpriceswould
helptheeconomytoexpand.
India will catch up with China's
growth in the year 2016 and 2017,
World Bank chief economist and senior
vicepresident Kaushik Basu said at the
releaseofthemultilateralagency'sglobal
economicoutlook.
China's growth will remain high, but
will begin to taper very gently , reaching
6.9% in 2017, Basu said. The World
BankexpectstheIndianeconomytogrow
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1/15/2015

IndiatogrowatChina'spacebyFY17:WorldBank

5.6%in2014whileChinaislikelytogrow
7.4% in 2014 and 7.1% in 2015. By
2016, the Indian economy is forecast to
grow 7%, as much as China's estimated
paceof7%.
Indianauthoritiesexpecttheeconomy
to grow 5 5.5% in the current fiscal year
andthenaccelerateto66.5%in201516
as the impact of the reform measures
kicks in. Policymakers expect the Indian
economy to return to an 8% growth
trajectoryinthemediumterm.
TheWorldBankrevisedglobalgrowth
downwards for 2015 due to sluggishness
in the Eurozone, Japan and other
emerging market economies. The global
economy is expected to grow 3%, slower
than the previous forecast of 3.4% in
June. After growing by an estimated
2.6% in 2014, the global economy is
projected to expand by 3% this year,
3.3% in 2016 and 3.2% in 2017, the
WorldBankforecast.
Developingcountriesgrewby4.4%in
2014 and are expected to edge up to
4.8%in2015,strengtheningto5.3%and
5.4%in2016and2017,respectively.
Worryingly , the stalled recovery in
some highincome economies and even
some middleincome countries may be a
symptom of deeper structural malaise,
said Basu. He said as population growth
hasslowedinmanycountries,thepoolof
younger workers is smaller, putting
strains on productivity .But there were
some silver linings behind the clouds.The
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1/15/2015

IndiatogrowatChina'spacebyFY17:WorldBank

lower oil price, which is expected to

persistthrough2015,isloweringinflation
worldwide and is likely to delay interest
ratehikesinrichcountries.
This creates a window of opportunity
for oilimporting countries, such as China
and India we expect India's growth to
rise to 7% by 2016. What is critical for
nations is to use this window to usher in
fiscal and structural reforms, which can
boost longrun growth and inclusive
development,Basusaid.

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