Only China and India were growing around and below 7 per cent, he said.
Hyderabad: Chief Economist of the World Bank, Professor Kaushik Basu, on Sunday said that amidst sluggish global growth, the US and India were two engines of growth.
Speaking at the 98th annual conference of the Indian Economic Association here, Prof. Basu said Russia was in recession and its GDP was shrinking by about 4 per cent. Only China and India were growing around and below 7 per cent, he said.
“In this bleak scenario, the United States among the rich economies and India among the emerging economies are the two engines of global growth. In both 2015 and 2016, we expect India to be the fastest-growing country among the major economies in the world,” he said.
“There is a slowdown in global trade... There is political conflict in the Middle East and a huge refugee problem that can have an impact on us,” Prof. Basu said, stressing on the need to bring analysis, research and professionalism to steer the economy in these risky times.
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( Source : deccan chronicle )
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