"United Nations World Economic Situation and Prospects
On 18th January, 2017 India’s economic growth is projected to reach 7.7 percent in the Financial Year (FY) 2017 and 76 percent in FY 2018 amid strong private consumption as per the 2017 Report of United Nations World Economic Situation and Prospects (UNWESP) that was released. As perthe report in 2016, the world economy expanded just by 2.2 percent that which was the slowest rate of growth the Great Recession of 2009.
However, the report forecasts World Gross Product to spread by 2.7 percent in 2017 and 2.9 percent in 2018.
Highlighted Point of the Report:
- Gross Domestic Product (GDP) growth in the Least Developed Countries (LDCs) is projected to remain below the Sustainable Development Goals (SDGs) target of at least 7 percent.
- The moderate improvement expected for the FY 2017-18 is an indication of economic stabilization.
- During the 2016-17, India positioned itself as one of the most dynamic emerging economics.
- It projects that growth in the developed economic will slightly improve in 2017, but weak investment and policy uncertainly may continue to constrain economic activity.
- India’s position in the report;
- India’s growth is expected to reach 7.7 percent in 2017 and 7.6 percent by 2018.
- Developing countries continue to be the main drivers of global as they are accounted for about 60 percent of the world’s gross product growth in 2016-17.
- The report also highlights that under the current growth trajectory; nearly 35 percent of the population in LDCs may remain in extreme poverty by 2030.
- It depicts a high degree of incertitude in the international policy environment and elevated foreign currency- denominated debt levels.
- East and South Asia remains the world’s most dynamic region which got benefitted from robust domestic demand and supportive macroeconomic policies.
- In all, South Asia exhibited the fastest growth among all the regions even as the global economy was trapped in slow economic growth.