India’s GDP forecast is 7.3% for FY19, as per World Bank’s 2019 Global Economic Prospects report

The World Bank has recently released 2019 Global Economic Prospects report titled “Darkening Skies”, which forecasted that India’s GDP is expected to grow at 7.3% in the fiscal year 2018-19, and 7.5% in the following two years. While, China’s economic growth is projected to slow down to 6.2% each in 2019 and 2020 and 6% in 2021. It said India will continue to be the fastest growing major economy in the world. The World Bank said in its latest report that in India, the growth has accelerated, driven by an upswing in consumption, and investment growth has firmed as the effects of temporary factors wane. Domestic demand has strengthened as the benefits of structural reforms such as the Goods and Services Tax (GST) harmonisation and bank recapitalisation take effect.