Diplomacyindia.com

India becoming one of world’s fastest growing economies : IMF

India becoming one of world’s fastest growing economies : IMF
May 07
10:02 2015

Washington, May 7 India’s growth rate is expected to rise to 7.5 percent this year and next, making it one of the fastest growing economies in the world, according to the IMF’s latest economic health check.

The other Asian giant China’s economy is slowing to a more sustainable pace – 6.8 percent GDP growth in 2015, and 6.3 percent in 2016, according to the International Monetary Fund’s Regional Economic Outlook for Asia and the Pacific.

Growth in Asia and the Pacific will continue to outperform the rest of the world, and is expected to remain steady at 5.6 percent in 2015, easing slightly to 5.5 percent in 2016, said the report released Thursday. Growth will be driven by domestic demand, underpinned by healthy labour markets, low interest rates, and the recent fall in oil prices.

The global recovery, while moderate and uneven, will continue to support Asia’s exports, says the report.

The IMF’s Regional Economic Outlook calls for a strong push for structural reforms across most, if not all, economies in the region.

The report notes that in addition to boosting productive capacity, structural reforms can help rebalance growth toward consumption, which remains a priority for some major Asian economies.

Major reform areas include measures to address supply-bottlenecks in India, state-owned enterprises, and financial liberalisation in China, and initiatives to raise services productivity, and labour force participation in Japan.

Maintaining flexible fiscal and monetary policies to effectively manage aggregate demand will remain important in the future, say the report’s authors.

The report noted that lower oil prices have provided an opportunity to undertake further fiscal reforms aimed at lowering energy subsidies, and measures have been taken in a number of countries, including India, Malaysia, and Indonesia.

Financial and macro-prudential policies should continue to address financial sector risks.

This will be particularly important to increase resilience to shocks, and to contain the buildup of systemic risk associated with shifting financial conditions, and volatile capital flows, the report said.

Asia, which accounts for nearly 40 percent of global output, but contributes nearly two-thirds of global growth, will remain the global growth leader, even though potential growth-the economy’s speed limit-is likely to slow, it said.

But the outlook could be vulnerable to adverse events, says the report.

Most Asian policymakers have in place broadly appropriate interest rate and fiscal policy settings, although the risk of renewed financial volatility may warrant a somewhat tighter monetary policy stance in some countries, it said.

Share

Related Articles

0 Comments

No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment

<

On the Eve of 30th Years of Independence of Republic of Uzbekistan, H.E. Dilshod Akhatov, Ambassador of Uzbekistan to India in conversation with Ameya Sathaye, Editor-in-Chief.

Denmark Ambassador to India Freddy Svane in conversation with Amb Pradeep Kapur & Ameya Sathaye, Editor-in-Chief

Italy india will work closely together for G20 : Italy Envoy to India

Do you know why FINLAND is ranked number ONE in Happiness index, watch this interview with Finland Ambassador to India

Exclusive Interview : H.E. Jasem Ibrahem Al Najem Ambassador of Kuwait to India speaks on India Kuwait bilateral relations

ड्रैगन ने हाथी को क्यों डसा, भारत- चीन रिश्तों की कहानी- रंजीत कुमार के साथ अमेय साठे की विषेष चर्चा ड्रैगन ने हाथी को क्यों डसा, भारत- चीन रिश्तों की कहानी- रंजीत कुमार के साथ अमेय साठे की विषेष चर्चा 0 comment Read Full Article

H.E. Reuben Gauci, Ambassador of Malta to India speaks on India-Malta Bilateral Relations

Portugal supports India in covid crisis : Portugal Ambassador Carlos Pereira Marques speaks with Ameya Sathaye, Editor-in-Chief

Vietnam Ambassador to India, Pham Sanh Chau speaks on Vietnam support to India in tackling covid crisis

Netherlands supports India in covid crisis : Netherlands Ambassador Marten van den Berg speaks with Ameya Sathaye

Envoy Speaks : Gopal Baglay, Indian High Commissioner to Sri Lanka speaks on Bilateral relations, business opportunities, Tourism & people to people to people contacts

Kuwait reciprocates, we stand with India in this hour of crisis : Kuwait Ambassador to India

Canadian High Commissioner, Nadir Patel speaking on support to India in covid crisis

Italian Ambassador to India, Vincenzo de Luca speaking on Italy support to India in covid crisis

H.E. Mr. Reuben Gauci, Malta High Commissioner to India speaks with Ameya Sathaye, Editor-in-Chief of Malta support to India in covid crisis

Danish Ambassador to India Freddy Svane speaking on Denmark aid to India

Video Interview with Vinod Daniel, CEO, India Vision Institute, Board Member, International Council of Museums & Chairman, Ausheritage

DENMARK AMBASSADOR FREDDY SAVNE VISIT TO CORONOVIRUS VACCINE FACILITY AT HYDERABAD, A TRIP ORGANISED BY MINISTRY OF EXTERNAL AFFAIRS, GOVT OF INDIA FOR FOREIGN ENVOYS BASED IN INDIA.

MALTA HIGH COMMISSIONER TO INDIA, H.E. REUBEN GAUCI SHARING HIS IMPRESSION ABOUT HIS VISIT TO HYDERABAD : TRIP ORGANISED BY MINISTRY OF EXTERNAL AFFAIRS, GOVERNMENT OF INDIA FOR ENVOYS BASED IN INDIA TO UPDATE ON CORONAVIRUS VACCINE

H.E. Mr. Dinesh Bhatia, Ambassador of India to Argentina in conversation with Ameya Sathaye, Editor-in-Chief

Pictures of Formal Launch of Website Diplomacyindia.com

Exclusive Interview with Prime Minister of Guyana, H.E. Mr. Moses Veerasammy Nagamootoo during his recent visit to India.Highlights of the interview were Indian Cultural Connect, Vibrant Bilateral Ties and Cultural Connect and India’s Economic Prowess.

Video Message from Shri Prakash Javadekar, MoS (IC) for Forest, Environment & Climate Change on eve of Formal Launch of Website Diplomacyindia.com

Message from Gen. V K Singh, (Retd.) Hon’ble MoS, External Affairs to Diplomacyindia.com

WP2Social Auto Publish Powered By : XYZScripts.com