NEW DELHI: Indian economy is likely to expand by 6.4 per cent this year, driving the economic growth in South Asia, according to a United Nations report which said progress in implementing much-needed structural reforms is likely to boost India’s economic performance in 2015.
South and South-West Asia could witness an economic growth of 5.3 per cent in 2015, which will be a four-year high.The positive outlook is mainly led by an increase in gro .. The positive outlook is mainly led by an increase in growth in India,” the UN Economic and Social Commission for Asia and the Pacific (ESCAP) said in its ‘Survey of Asia and the Pacific 2014: Year-end Update’.
Positive expectations regarding the extent of reforms to be proposed and implemented” by the Narendra Modi-government boosted consumer and business confidence in the latter part of 2014, resulting in increased economic growth, it said.
The report said developing countries in Asia and the Pacific are forecast to grow at an average of 5.8 per cent this year, up from 5.6 per cent in 2014, spurred by decreased inflation and a steep decline in oil prices.
Structural reforms and lower oil prices can further boost grown for sustainable development.The growth in the Asia-Pacific region will be driven by improved growth in a range of developing economies, including Bangladesh, India, Indonesia, Papua New Guinea, Korea and Thailand.
