|
| UN pegs India GDP growth at 7.9% in 2010 |
| Press Trust of India / New Delhi May 28, 2010, 16:04 IST |
|
The United Nations has pegged the country's economic growth at 7.9 per cent in 2010, which along with China, will lead the way to recovery among the developing countries.
The UN report titled '2010 World Economic Situation and Prospects' also forecasts an 8.1 per cent growth next year for the country's economy, while it pegs Chinese growth at 9.2 per cent this year and 8.8 per cent in 2011.
The report by the UN's Department for Economic and Social Affairs (DESA) also says global economy will expand by 3 per cent in 2010 and 3.1 in 2011 from 2 per cent last year.
Pointing out that number of jobless people worldwide rose by at least 34 million last year, the report predicts that if the present rate of recovery is any signal, jobless rate will come down to pre-crisis level in most developed countries.
"While the developing Asia, particularly China and India, is leading the way among the developing countries, the recovery is much more subdued in many economies in Africa and Latin America," the report said.
If the report comes true for India, it would mean that economic expansion would decline in the last three quarters on an average as it is most likely that the GDP would grow by over 8.5 per cent in the January-March quarter of 2010.
The Central Statistical Organisation which computes the GDP data, has pegged economic growth at 7.2 per cent for FY10. To achieve this growth the economy has to grow by over 8.5 per cent in the January-March quarter of 2010.
Further, the UN report says the world economy is on the mend, with an increasing number of countries having registered positive quarterly GDP growth along with a notable recovery in global trade and industrial production.
"The good news is that the crisis in the real economy has abated and we see continued recovery, but at the same time it's weak and uneven," DESA director of development policy analysis Rob Vos said, adding, "the bad news is that there is continued downside risks to this outlook which may lead us to mediocre gross economic prospects for the coming year."
On the bleak side of the global outlook, the report says the number of jobless people worldwide rose by at least 34 million last year, and the number of working poor soared by 215 million as many people took low-paid jobs.
"At the present rate of recovery, it is expected to take at least four-five years to bring unemployment rates down to the pre-crisis levels in most developed nations, " it said.
The UN report recommends continued fiscal stimulus measures in the short-run, a continued focus on rebalancing of economic growth in a number of respects, better policy coordination, strengthened global governance and more decisive reforms of the global financial system.
|
|
|
|
|
|
|
|
|
|
 Read Business news in |  |
|
|
|
|
|
|
Advertisements |
|
|
|
|
|
|
|
|
|
|
Content Guide
