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  3. OECD pegs India’s growth at 7.4% in the next financial year

OECD pegs India’s growth at 7.4% in the next financial year

22 Feb 2016 Evaluate

After the global rating agency Moody’s pegged India's growth at 7.5% for next two years, saying that it’s insulated from turmoil, the Organisation for Economic Cooperation and Development (OECD) too has raised India's growth forecast compared to 7.3 percent expansion projected in November 2015. OECD said that Indian economy will continue to see robust growth at 7.4 percent in the next financial year even as only modest recovery is expected in advanced economies.

In its latest Interim Economic Outlook report of OECD, while the global growth estimate has been cut to 3% this year and 3.3 per cent in 2017, down 0.3 percentage points in both years from its November forecast, India has emerged as the only large economy that's been upgraded.

The Paris-based think tank noted that growth in emerging markets such as Russia, Brazil and India has been slowed by plunge in the prices of the commodities they export and said that in emerging market economies, monetary support should be provided where possible, taking into account inflation developments and capital market responses.

In the OECD’s global forecast, the downgrade was especially sharp for the US, with the OECD now projecting 2 per cent growth in 2016, down from its previous 2.5 per cent estimate, and 2.2 per cent in 2017, down from 2.4 per cent. It said the boost to domestic demand from strong job growth will likely ease as the US approaches full employment. In the euro area, 1.4 per cent growth is expected this year and 1.7 per cent in 2017, down 0.4 and 0.2 percentage points, respectively. In Japan, the group projects growth of 0.8 per cent this year, down from its previous forecast of 1 per cent and 0.6 per cent in 2017, down from 0.7 per cent. China's economic forecast was unchanged at 6.5 per cent this year and 6.2 per cent in 2017, but those are down markedly from previous years. The OECD said advanced economies should continue to maintain low interest rates to support growth but that's not enough. The low rates should prod governments to borrow more and increase spending.

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