The Telegraph
Wednesday , January 18 , 2012
Since 1st March, 1999
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UN report sees 7.7% growth

New Delhi, Jan. 17: The Indian economy is expected to grow 7.7 per cent in 2012 and 7.9 per cent next year as the global economic slowdown would continue to weigh on it, the United Nations’ department of economic affairs said today.

“The prospects for world economy are not good. The US and European economic growth will slow further,” said Nagesh Kumar, chief economist of the United Nations Economic and Social Commission for Asia and the Pacific.

“However, India will be able to weather the crisis with a little scar,” Kumar said after releasing the UN’s annual economic report titled World Economic Situation and Prospects 2012 here.

Kumar said strong domestic demands and a high savings rates would help India to maintain its current level of growth momentum despite the adverse impact of the slowdown in the US and European economy.

The study has given a positive outlook for India’s job market, saying, “India is enjoying gains in employment rates.”

The study gave a positive outlook on South Asia’s economic growth prospects and projected that the region’s economies would grow 6.7 per cent and 6.9 per cent in 2012 and 2013, respectively, accelerating beyond the 6.5 per cent growth rate experienced in 2011.