India is a “bright spot” in the world economy presently and is on a “strong footing”. It is predicted to grow at 6.7 per cent next year which is a very high growth rate relative to other G20 member countries, said Hamid Rashid, Chief of the Global Economic Monitoring Branch, Economic Analysis and Policy Division, UN-Department of Economic and Social Affairs on Wednesday.
Rashid said that he thinks, presently India is a bright spot in the global economy. He gave the statement while addressing a press conference at the launch of the World Economic Situation and Prospects 2023 report.
As per the flagship report, in 2023, India's GDP is projected to moderate to 5.8 per cent as higher interest rates and global economic slowdown weigh on investment and exports. While, in 2024, the country is expected to grow at 6.7 per cent, the report read.
Labeling India as the fastest-growing economy in the world, Rashid added that the country’s economic growth is expected to stay “strong” even as possibilities for other South Asian countries are more challenging.
Talking about the poverty scale, he said that India could reduce poverty globally by sustaining this growth rate in the coming future. This would be good for Sustainable Development Goals, he added.
Rashid attributed three crucial points for the present economic strength of India. He mentioned that the country's unemployment rate has decreased significantly in the previous four years to 6.4 per cent. This indicates that domestic demand in the country is pretty strong, he said.
Rashid is the lead author of the flagship report, World Economic Situation and Prospects 2023.
The G20 (Group of Twenty) countries list down as Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom and the United States and the European Union.