India to grow at 7.6 per cent in FY19, predicts UN report

A UN report has predicted that India will be the fastest growing economy in the world with a projected growth rate of 7.6 per cent in FY19 on the back of robust private consumption and benefits from past reforms, however, sustained recovery in private investment is said to remain a crucial challenge.

The UN World Economic Situation and Prospects (WESP) added that growth in China will be supported by robust consumer spending and supportive fiscal policies and is projected to gradually moderate from 6.9 per cent in 2017 to 6.5 per cent in 2018 and 6.3 per cent in 2019.

The report added that growth in the world economy is exceeding expectations and global GDP is expected to expand by more than 3 per cent this year and in 2019, reflecting strong growth in developed countries and favourable investment conditions due to rising trade tensions, uncertainty over monetary policy, increasing debt levels and geopolitical tensions could ruin progress.

The report further added that GDP growth forecasts have been upwardly revised in about 40 per cent of countries since the previous forecast presented in the WESP Report 2018 was released in last December.