India will be the world’s fastest growing large economy at 7.3% in 2016, improving further to 7.5% in the following year, a United Nations world economy report has said.
According to the report, India’s economy, which accounts for over 70% of South Asia’s GDP, is projected to grow by 7.3% in 2016 and 7.5% in 2017, slightly up from an estimated 7.2% in 2015. The country will be the fastest-growing large economy in the world, says World Economic Situation and Prospects 2016, which was released by the UN. The report says that South Asia is expected to be the world’s fastest-growing region in 2016 and 2017.
“As in other countries of the region, the macroeconomic environment in India has improved, helped by the sharp decline in the prices of oil, metals and food. Consumer and investor confidence has risen even as India’s government faces difficulties in implementing its wide-ranging reform agenda and some economic indicators, such as industrial production, remain volatile,” says the report.