Indian economy to grow by 6.7% in next year
According to the latest Bloomberg survey results, India and Malaysia, the two most affected countries by the COVID-19 pandemic during the recent months are expected to experience faster recovery than forecasted earlier. According to the survey results, growth outlook for Malaysia is upgraded by most in Asian region, expected to grow by 5.65% during next year. The country’s growth rate is revised upward by 85 basis points. India’s growth outlook is revised upward by 80 basis points, now expected to grow at 6.7% during next year, making it come next to Malaysia.
For most of the Asian countries, economists have upgrade their forecasts except for Thailand and New Zealand. Malaysia is not facing any immediate economic risks. The country faced highest daily new infection rates during the past month. Its economic performance has been aided by improvement in domestic demand and continued robust exports, with 16.1% growth in GDP during Q2.
India is expected to witness world’s fastest economic growth in the year ended on March 2022, on the back of strong demand. Weekly infections have dropped to its lowest level during past six months in week ended on 19 September 2021. Madhavi Arora, lead economist at Emkay Global Financial Services Ltd. said economic losses of India are limited, and the economy is expected to boost further aided by factors such as better-adapted firms, stable financial conditions and robust global growth spillovers.