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  3. UN cuts India’s growth projection from earlier forecasts; pegs at 6.7% for 2012

UN cuts India’s growth projection from earlier forecasts; pegs at 6.7% for 2012

08 Jun 2012 Evaluate

The pace of growth in Asia’s third largest Indian economy is predicted to moderate to 6.7 percent in 2012, after expanding by 7.1 percent in 2011 according to a UN report released by the United Nations Department of Social and Economic Affairs (DESA). The UN has not only downgraded India’s economic growth rate from its earlier forecasts but also warned that simmering financial turbulence in the European region would remain the biggest threat to global economy recovery this year.

The UN’s DESA had earlier in January pegged India's economic growth rate at 7.7 percent for 2012 and 7.9 percent in 2013 however, it has slashed is expectations after recent series of economic reports indicated that the nation’s growth has slowed sharply because of local as well as global headwinds. Following a marked slowdown in 2011, the UN opined in its World Economic Situation and Prospects mid-year update that global economic situation continues to be challenging and cautioned that global growth would remain tepid through 2012.

According to the UN report, after registering a growth rate of 2.7 percent in 2011, the global economy is likely to expand by 2.5 percent in 2012 and the growth rate is expected to quicken to 3.1 percent in 2013. The economy of China, India's northern neighbor and the larger one of the two 'engines' fueling global growth, is forecasted to moderate to 8.3 percent in 2012 from 9.2 percent in 2011.

Deteriorating demand in developed nations and a cooling Chinese economy remain a major cause of concern for economic growth in most emerging nations, which would also be expanding at a pace below their potential. South Asia’s economic growth is predicted to slow to 5.6 percent in 2012, from 6.1 percent in 2011 as the region continues to face significant regional and global headwinds.

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