In an interesting statement, the World Bank recognized India of having an ‘enormous growth potential”, compared to other similar bands of economies, and expecting that the growth rate of the country in 2018 will hit around 7.3% to 7.5%.
Despite initial hullabaloo of demonetization and the primary impact of the Goods and Service Tax (GST); India achieved the growth of 6.7% in 2017, as mentioned in the 2018 Global Economics Prospect, which has been released by the World Bank.
While speaking to the media, Ayhan Kose, director, Development Prospect Group, told “In all likelihood, India is going to register higher growth rate than other major emerging market economies in the next decade. So, I wouldn’t focus on the short-term numbers. I would look at the big picture for India and the big picture is telling us that it has enormous potential.”
World Bank is expecting that the growth in India will be 7.3% in the current year then it steps up to 7.5% in 2019 and 2020. Kose, the writer of the report, also said that the growth numbers of India for last three consecutive years were quite healthy in nature.