According to the latest report by the International Monetary Fund (IMF), India will be the world’s fastest growing major economy for the second consecutive year in 2016 at 7.5 per cent.
As report says, India’s growth projection for the current year at 7.5 per cent and it will be higher than China’s 6.8 per cent. The growth forecast for 2016 also depicts that India will reach rate of 7.5 per cent, as against China’s 6.3 per cent.
As the IMF data shows, China was the Fastest Growing Economy in 2014 at 7.4 percent as against India’s 7.3 per cent.
The continued growth slowdown in developing market economies reflect several factors, including lower commodity costs and tougher external financial conditions, and financial distress related to geopolitical elements.
The IMF is an organization of 188 countries, working to foster global monetary cooperation, secure financial stability, facilitate International Trade, promote high employment and sustainable economic growth, and reduce poverty around the world.
