India is the world’s fastest growing economy consecutively 2nd time

According to the International Monetary Fund (IMF), India will remain as the world’s fastest growing economy. IMF estimates that in 2019 India’s economy will grow with 7.3 percent and in 2020 it will grow at 7.5 percent.

The main reason for the growth of the economy is the increase in investment and consumption. India’s growth rate was 7.1 percent in 2018, while China’s growth rate was only 6.6 percent. The IMF has projected China’s growth rate to be 6.3 percent in 2019 and 6.1 percent in 2020. This report has been released before the annual meeting of the World Economic Outlook International Monetary Fund (IMF) and the World Bank.

According to Economic Outlook report, the economic situation of India has been strengthened due to reforms in structural and financial sectors, as part of efforts to reduce government debt. It has been said in the report that due to GST, India’s position will be stronger. It has also been said in the report that the policy of reducing subsidy will improve the growth rate. 

According to IMF, Pakistan economy is falling this year and Pakistan GDP growth is projected at 2.9%.

Also Read: Pakistan’s GDP growth lags behind Nepal, Maldives this year: UN

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