The UN trade agency has projected India’s growth rate for the current year to slowdown at 6 per cent from last year’s 7.4 per cent, but the country will be the world’s second fastest growing economy, lagging by just a tiny fraction behind China.
The Trade and Development Report 2019 released by the UN Conference on Trade and Development (UNCTAD) in Geneva on Wednesday, maps a global slowdown with the world growth rate dropping from 3 per cent in 2018 to a projected 2.3 for this year.
The next global report that will look at growth rates across the world will be the World Economic Outlook from the International Monetary Fund (IMF) expected next month. The UNCTAD report said that the slowdown in India continues a decelerating trend which began four years ago.
Growth projections for India have been marked down, because of a sharp fall to 5.8 per cent in the first quarter of 2019 (relative to the corresponding quarter of the previous year),as per the report.