WB sees GDP growth at 7.8% in 2016

WB sees GDP growth at 7.8% in 2016
Highlights

India will continue to be the bright spot of the global economy and is projected to grow at a robust 7.8 per cent in fiscal 2016-17, more than a percentage point higher than China\'s, according to the World Bank.

It rates India as bright spot in global economy
Washington : India will continue to be the bright spot of the global economy and is projected to grow at a robust 7.8 per cent in fiscal 2016-17, more than a percentage point higher than China's, according to the World Bank.

In its latest Global Economic Prospect report - which is released every six months - the World Bank marginally reduced India's growth rate by 0.2 per cent in 2015 and 0.1 per cent in both 2016 and 2017.

However, India continues to be the bright spot of the global economy as Chinese growth is projected to slow further. India, the dominant economy in Asia, is projected to grow by a robust 7.8 per cent this year and 7.9 per cent in the next two years.

The World Bank estimates that China grew at an estimated 6.9 per in 2015 (0.3 per cent less than its June projection). According to the report, China is estimated to grow at 6.7 per cent in 2016 and 6.5 per cent each in 2017 and 2018. The growth rate projections is 0.3 per cent in 2016 and 0.4 per cent in 2017. Russia and Brazil are expected to remain in recession in 2016.

"In contrast to other major developing countries, growth in India remained robust, buoyed by strong investor sentiment and the positive effect on real incomes of the recent fall in oil prices," the World Bank said. India's currency and stock markets were largely resilient over the past year, even during bouts of volatility in global financial markets, the report said.

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