The United Nations World Economic Situation and Prospects (WESP) 2017 report launched on Tuesday said India’s economy is projected to grow by 7.7% in fiscal year 2017 and 7.6% in 2018, benefiting from strong private consumption. The World Bank too decelerated India’s GDP growth for 2016-17 fiscal to 7% from its previous estimate of 7.6% citing the impact of demonetisation. It estimated that in the 2016 fiscal, India grew by 7.6%. For 2016/17, the deficit is projected to reach 3.5% of GDP and is on track to meet the medium-term target of 3.0% of GDP. The report said the world economy expanded by just 2.2% in 2016, the slowest rate of growth since the Great Recession of 2009.

Source: Mint January 17, 2017 17:04 UTC