World Bank says India still fast-growing economy with lot of potential

PTI

File Photo World Bank, PTI

File Photo World Bank, PTI

World Bank’s Chief Economist for South Asia Hans Timmer has said that India is a fast-growing economy with lot of potential despite being hit by the recent global slowdown. Talking to PTI in Washington yesterday, he said, India’s growth numbers are higher than in most countries of the world.

Mr Timmer said, the World Bank in its estimates has found that 80 per cent of the slowdown in India could be coming from the international causes.

In its latest edition of the South Asia Economic Focus, the World Bank said that India’s growth rate is projected to fall to 6 per cent this fiscal. However, it said the country was expected to gradually recover to 6.9 per cent in 2021 and 7.2 per cent in 2022.

India has been relatively hit hard by the recent global slowdown resulting in its projected growth dropping to 6.0 per cent in 2019, but it’s still a fast-growing economy with a lot of potential, a top World Bank economist said on Sunday.

“No, it’s not the biggest (drop), but it is comparable to what we saw in 2012 where there was also a slowdown. It’s somewhat less than what we saw in 2009. But it’s a serious slowdown. That is true,” Timmer said.

“In our view, that is very much in line with what is happening in the world, because everywhere in the world you see that investments very quickly are coming down and debt is driven by a sentiment that spreads across the world driven by uncertainty in global markets,” he said.

Timmer said that, the World Bank in its estimates, has found that 80 per cent of the slowdown in India could be coming from the international causes.

(PTI)