Indian economy to grow 5.3% in 2014: UN

The Indian economy is likely to witness an economic growth rate of 5.3% in 2014, while the global economic growth is estimated at 3%, says the United Nations.

The Indian economy is likely to witness an economic growth rate of 5.3% in 2014, while the global economic growth is estimated at 3%, says the UN.

HT Image

The outlook for the world represents a slight improvement compared to the expected growth of 2.1%.

According to Pingfan Hong, the UN chief of the Global Economic Monitoring Unit, developed countries' economy should grow by a 1.9 % next year, while developing nations should grow by around a 5%, Prensa Latina reported Thursday.

Regarding specific regions and countries with an influence on the global economy, it was forecast a 2.5% GDP increase in the US; 1.5% in western Europe and Japan; 4.7% in Africa; 3.6% in Latin America and the Caribbean; 5.8% in eastern and southern Asia; 7.5% in China; 5.3% in India, 3.0% in Brazil and 2.9% in Russia.

The prediction, made in context of many risks and uncertainties, and no economic factors, like political ones, could have an impact on the growth, UN Assistant Secretary-General for Economic Development Shamshad Akhtar told reporters.