In News:

• India’s GDP is expected to grow at 3% in the fiscal year 2018-19, and 7.5% in the following two years, the World Bank has forecast, attributing it to an upswing in consumption and investment.

Explained:

• The bank said India will continue to be the fastest growing major economy in the world. China’s economic growth is projected to slow down to 6.2% each in 2019 and 2020 and 6% in 2021, according to the January 2019 Global Economic Prospects report released by the World Bank. In 2018, the Chinese economy is estimated to have grown by 5% as against India’s 7.3%. In 2017, China with 6.9% growth was marginally ahead of India’s 6.7%, mainly because of the slowdown in the Indian economy due to demonetization and implementation of the Goods and Services Tax (GST), the report said.
• India’s growth outlook is still robust. India is still the fastest growing major economy. With investment picking up and consumption remaining strong, we expect India to grow 7.3% in the fiscal year 2018-2019, and average 7.5% in 2019 and 2020.India registered quite a bit of pick up in doing business ranking.
• Private consumption is projected to remain robust and investment growth is expected to continue as the benefits of recent policy reforms begin to materialise and credit rebounds.

World Bank other reports:

• Ease of Doing Business
• World Development Report
• Universal Health Coverage Index
• Remittance Report
• Ease of Living Index
• India Development Update
• Global Economic Prospect (GEP) report
• Global Financial Development Report