NEW DELHI: The World Bank has estimated that the Indian economy will grow 6.5% this year, compared to 6.6% projected earlier, and will see a mild pick-up in pace to 6.7% in next year, remaining the fastest growing major economy. Global growth is projected at 2.7% for 2025 and 2026. While growth in India is expected to decelerate from 8.2% last year, it said that services and farm sector expansion have been steady with rural demand holding up.
The Global Economic Prospects have put the spotlight on developing countries, which are expected to close the first quarter of the current century with the weakest long-term growth outlook since 2000.
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“The next 25 years will be a tougher slog for developing economies than the last 25. Most of the forces that once aided their rise have dissipated. In their place have come daunting headwinds: High debt burdens, weak investment and productivity growth and rising costs of climate change. Developing economies will need a new playbook that emphasises on domestic reforms to quicken private investment, deepen trade relations and promote more efficient use of capital, talent and energy,” said World Bank Group chief economist Indermit Gill.
