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World Bank chief predicts strong global growth; India growing ‘pretty robustly’

22 Sep 2017 Evaluate

Predicting a strong global growth for the year 2017, World Bank President Jim Yong Kim has said that India has been growing ‘pretty robustly’ and called for more cooperation among the multilateral system, private sector and the governments to take advantage of the current win-win situation. He added that Japan, Europe and the US along with India were growing and there was a levelling-out in developing countries.

World Bank President has said that dormant capital will earn a higher return, where developing countries will have access to much more capital for the infrastructure needs, even for investing in health and education, investing in resilience to climate change and other factors. He noted that a country like India is growing pretty robustly, Japan is also growing and Europe is growing in a much more healthy way. Adding that the growth will be more robust this year, he further said that the United States continues to grow.

Kim has said that commodity importers were doing much better than commodity exporters, but that’s levelling out. So the growth is relatively more evenly distributed. He also said that in terms of indebtedness, the bank was watching very carefully the debt-to-GDP ratios of every single country. Besides, in June the World Bank had predicted a 7.2% growth rate for India in 2017 against 6.8% growth in 2016 and said that India remains the fastest growing major economy in the world.


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