A gradual economic recovery is seen in India, as the corporate sector adjusts to GST and infrastructure spending improves, said a UN report — Economic and Social Survey of Asia and the Pacific — on Tuesday.
“A gradual recovery is foreseen in India, according to the report; with private investment being expected to revive as the corporate sector adjusts to GST, infrastructure spending and corporate and bank balance sheets improving with government support,” the United Nations Economic and Social Commission for Asia and the Pacific (UN ESCAP) said in a statement here.
As per the report, the 2018 growth rate is expected to moderate in South and South-West Asia, before picking up again in 2019.
“The annual Economic and Social Survey of Asia and the Pacific forecasts economic growth to moderate to 6 per cent in 2018 in South and South-West Asia (from 6.4 per cent in 2017), before picking up to 6.2 per cent in 2019,” the statement said.
“South and South-West Asia remains the fastest growing sub-region in Asia-Pacific, according to the survey.”
In addition, the report pointed out that due to robust domestic demand and improved global economic prospects, developing economies in the Asia-Pacific region are projected to grow by 5.5 per cent in both 2018 and 2019, with a slight moderation in China offset by a recovery in India and steady performance in the rest of the region.