Home / Knowledge / News / Textiles / India leads World Bank's growth chart of major economies
India leads World Bank's growth chart of major economies
11
Jun '15
For the first time, India is leading the growth chart of major economies, even ahead of China, according to the World Bank Group’s latest Global Economic Prospects (GEP) report.
 
In India, new reforms are improving business and investor confidence and attracting new capital inflows. Further, the falling oil prices have reduced vulnerabilities. These and other factors should help the Indian economy to achieve 7.5 per cent growth this year, says the GEP report.
 
“Slowly but surely the ground beneath the global economy is shifting. China has avoided the potholes skillfully for now and is easing to a growth rate of 7.1 per cent; Brazil, with its corruption scandal making news, has been less lucky, dipping into negative growth. With an expected growth of 7.5 per cent this year, India is, for the first time, leading the World Bank’s growth chart of major economies...,” said Kaushik Basu, World Bank chief economist and senior vice president.
 
Led by a recovery in India and supported by a gradual strengthening of demand in high-income countries, growth in South Asia is expected to continue firming to 7.1 per cent this year. The decline in global oil prices has been a major benefit for the region, driving improvements in fiscal and current accounts, enabling subsidy reforms in some countries, and the easing of monetary policy.
 
On Pakistan, the report expects continued recovery of manufacturing and services sectors; however, growth is expected to remain moderate, reflecting ongoing energy constraints.
 
For developing countries, 2015 may mark the fourth consecutive year of disappointing economic growth, as they face a series of tough challenges, including the looming prospect of higher borrowing costs as they adapt to a new era of low prices for oil and other key commodities. As a result, developing countries are now projected to grow by 4.4 per cent this year, with a likely rise to 5.2 per cent in 2016, and 5.4 per cent in 2017, says the report.
 
“Developing countries were an engine of global growth following the financial crisis, but now they face a more difficult economic environment,” said World Bank Group President Jim Yong Kim.
 
With an expected liftoff in the US interest rates, borrowing will become more expensive for emerging and developing economies over the coming months. This would especially hurt emerging markets with greater vulnerabilities and weakening growth prospects. For commodity-exporting emerging markets that are already struggling to adjust to persistently low commodity prices, or for countries experiencing policy uncertainty, a slowdown in capital flows would add to their policy challenges.
 
 


Must ReadView All

Affordable prices to be hit if US pulls out of NAFTA: NRF

Apparel/Garments | On 16th Dec 2017

Affordable prices to be hit if US pulls out of NAFTA: NRF

US retailers’ ability to offer consumers quality products at...

Strong exports, consumption fuel growth in Asia: ADB

Textiles | On 16th Dec 2017

Strong exports, consumption fuel growth in Asia: ADB

Economic expansion in developing Asia is likely to accelerate to 6...

Nomura  foresees 7.5% GDP growth for India in 2018

Textiles | On 16th Dec 2017

Nomura foresees 7.5% GDP growth for India in 2018

India's economy is on the cusp of a cyclical recovery and will...

Interviews View All

Luke Otten
Wigwam Mills Inc

Wigwam aims to recycle discarded yarn that doesn’t make it through the...

Victor Chao
Esmetex

‘In future, clothing boundary lines will become increasingly blurred.’

Awen Delaval
Samatoa

'Natural fibres are appreciated for traditional authenticity'

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

December 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.6%
No
12.0%
Skip
18.5%

Total Votes: 92

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
62.0%
No
30.4%
Skip
7.6%

Total Votes: 92

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.0%
No
9.8%
Skip
3.3%

Total Votes: 92

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
81.5%
No
8.7%
Skip
9.8%

Total Votes: 92


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search