UN revises downward India’s GDP growth for 2017

UNITED NATIONS: The United Nations has revised downward India’s economic growth forecast for 2017 but predicted an increased 7.9 per cent GDP growth next year as it cautioned that stressed balance sheets in the banking sectors will prevent strong investment rebound in the near term.

The UN World Economic Situation and Prospects as of mid- 2017 report, launched here today, said India is projected to achieve a 7.3 per cent growth in 2017, a downward revision from the 7.7 per cent forecast for the year made when the report was launched in January.

The revised report, however, projected that India will achieve an impressive 7.9 per cent GDP growth in 2018, revising upwards its January estimates when it had said India’s growth will be 7.6 per cent next year.

The report warned that stressed balance sheets in the country’s banking sector, which has emerged as a cause of concern for the Narendra Modi Government, will have an adverse effect on investment rebound in the country. (AGENCIES)

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