Growth in India firming up: World Bank

Why in the news ?

The world bank's latest report on south Asia has revealed that the Indian economy is growing at a firm rate and will see further acceleration.
It said that the Indian economy appears to have recovered from the temporary disruptions caused by demonetisation and the introduction of GST.

More in the news

As per the report,Growth in India is firming up and projected to accelerate to 7.3% in the 2018-19 fiscal and 7.5% the next two years.
However, domestic risks and a less benign external environment impact the macro-economic outlook.
The report credited a robust growth in the second half for the turnaround, which was led by manufacturing sector (that grew at 8.8 per cent versus 2.7 per cent in the first half) and domestic consumption, which grew at 7 per cent.
Agriculture growth also improved, and services growth held steady at 7.7 per cent, the report said.
On the demand side, the pick-up in growth was reflected in a sharp acceleration in gross fixed capital formation to 11.7 per cent in the second half, from 3.4 per cent in the first.
World bank also said that high oil prices and an uncertain global trade environment may pose challenges for the current account.

World Bank

The World Bank Group (WBG) was established in 1944 to rebuild post-World War II Europe under the International Bank for Reconstruction and Development (IBRD).
Today, the World Bank functions as an international organization that fights poverty by offering developmental assistance to middle-income and low-income countries.
There are 189 member countries that are shareholders in the IBRD, which is the primary arm of the WBG.
To become a member, however, a country must first join the International Monetary Fund (IMF).
The World Bank Group consists of five organizations:

Source

Indian Express.

Posted by Jawwad Kazi on 8th Oct 2018

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