Global Growth Forecast Reduced up to 2.4% World Bank Report (Download PDF)

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The global growth forecast reduced up to 2.4 % in 2016 by World Bank as recently released global economic prospects report and at 2.8 % in 2017 is also can be lower than its earlier forecast of 2.9 % and 3.1 % respectively, chiefly on account of a slower than predictable recovery in advanced economies.

Other Highlights of Report

  • Due to mediocre growth experienced the global forecast is reduced by advanced economies, while low commodity prices, weak global trade and stilted capital flows also impacted.
  • India has preserved first spot in the fastest growing major economies, ahead of China, for the next three years.
Chart of GDP Growth Forecasts
  • Growth projections of India have been slightly lowered by 0.2 % to 7.6 % for 2016 - 17 and 7.7 % in 2017 - 18 due to downfall of exports.
  • India has got profit from the fall in oil prices over a lessening in the import bill, but it also have spreads shrunk for 17 consecutive months as of April 2016.
  • Domestic risks of India such as slow development in structural improvement agenda containing:
  1. Power sector reforms
  2. Land reforms
  3. Tax reforms and vulnerabilities in corporate and banking sector balance sheets could impact the economy
  • Global strike and fall in product prices have contracted world trade projections.

World՚s Fastest Growing Economies

World՚s Fastest Growing Economies 2016
  • Currently Myanmar is the world՚s fastest-growing economy as if the IMF՚s latest World Economic Outlook with 8.6 % GDP growth.
  • Political and economic improvements, which have made headlines around the world, have maintained this economic growth.
  • Other higher growth companies are India, Laos and Tanzania.

- Published/Last Modified on: June 10, 2016

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