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India’s policy reforms are leading the way for growth momentum.
India’s policy reforms are leading the way for growth momentum.

Global Emerging Markets to Grow More Sharply in Coming Years

Global Emerging Markets to Grow More Sharply in Coming Years

Emerging market economies like China and India, which have been growing much faster than the US, Europe and Japan, are expected to witness even sharper jump in the coming years, a report published Sunday says.
Key markets showing positive growth also include Indonesia, Turkey, Poland, Egypt and Bangladesh, PricewaterhouseCoopers, a multinational professional services network headquartered in London, said, PTI reported. 
The report said that from this year onwards, growth markets including India are expected to see the dawn of a new era and despite the recent turbulence, these markets will still account for the majority share of global growth over the next five years. 
Regarding India, the report said that policy reforms are leading the way for growth momentum. “Ongoing policy reforms in many growth markets, including India, are further opening doors to new opportunities for private sector firms, and are expected to significantly boost economic growth in the medium to long term,” said the PwC report, ‘Winning in Maturing Markets’. 
It further said that several initiatives launched by the government since 2014 have aimed at improving business conditions for the private sector, including domestic and foreign players, established firms and entrepreneurs and is on the verge of implementing a landmark tax reform to introduce a unified value-added tax structure in the country.
“With the central government focused on pushing policy reforms to contain fiscal deficit, for ease of doing business in India, and expansion of the tax base alongside improvements in the macro environment, we can expect market recovery to gather momentum in the year ahead,” PwC India advisory leader Deepankar Sanwalka said. 
The report noted that the “building blocks” for a sustainable economic revival are in place for perceptible changes on the ground in the days to come.
Most multilateral agencies expect global growth to pick up in the current year. The higher level of growth is being premised on the back of a stable and higher growth in the US, stable growth in China and a rebound in growth of some emerging economies. 
A higher US growth is likely due to higher fiscal expenditure while some emerging markets such as Brazil and Russia are likely to see better numbers as commodity prices have risen.
 

 

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