India is projected to see moderate average annual growth of 5.9 per cent during the 2014-18 period amid the country witnessing macroeconomic weaknesses, according to the Paris-based Organisation for Economic Cooperation and Development (OECD).
The forecast for India is much lower than OECD's estimated growth of 6.9 per cent for overall emerging Asia during the same period. Emerging Asia comprises Southeast Asian nations, China and India.
OECD said in its report released on Monday that growth in Emerging Asia would remain robust over the medium term, anchored by the steady rise in domestic demand. "As a whole, the Emerging Asian economies are expected to grow by 6.9 per cent per annum in 2014-18. It is a robust pace, albeit less than the 8.6 per cent registered before the global financial crisis (2000-07). This slower rate of growth largely reflects the moderate rates of expansion in the two largest Emerging Asian economies of China and India," the economic outlook report said.
