UN expects India to grow at 7.1% in FY’20

According to UN’s recent World Economic Situation and Prospects (WESP) 2019 Mid-year Update, the Indian economy will grow at 7.0% in 2019, in comparison to 7.2% growth registered last year. It’ll further grow at 7.1% in the succeeding financial year, owing to its robust consumption and investments. However, the agency lowered its original growth expectations of 7.4% in FY’20 in its recent report.

“The global growth outlook has weakened amid unresolved trade tensions and elevated international policy uncertainty. Across both developed and developing countries, growth projections for 2019 have been downgraded. Alongside a slow-down in international trade, business sentiments have deteriorated, casting a cloud on investment prospects,” the report stated. It projects a 2.7% growth in global GDP this year & 2.9% the following year.