Amidst the fragile global economic scenario, India is fast catching up with China's economic growth rate as high-income countries continue to suffer from volatility and slow growth, the World Bank said in its recent report, adding that by 2015, the growth rate of China would be 7.9 % and that of India’s 7%. In fact, this is largely due to the happening over the last couple of years but a bit of a sweep of history, Chief Economist, World Bank, Kaushik Basu said. It may be recalled that the Bank has forecast that the Indian economy would recover from 5.1 % growth in 2012 to 6.1% growth in 2013. Despite slow growth in high-income countries, prospects for the developing world remain solid - albeit between 1 and 2 percentage points slower than that in the pre-crisis period. In order to regain earlier growth rates, developing countries will need to focus on productivity-enhancing domestic policies to assure robust growth in the long term. The World Bank estimates global GDP grew 2.3% in 2012. Growth is expected to remain broadly unchanged at 2.4% in 2013, before gradually strengthening to 3.1% in 2014 and 3.3 % in 2015. Growth in high-income countries remains weak, with their GDP expanding only 1.3% in 2012 and expected to remain slow at an identical 1.3 % in 2013, it said.
India News | For International News click here