83415
India’s economy is recovering from disruptions caused by demonetization and GST.
India’s economy is recovering from disruptions caused by demonetization and GST.

India, China Vital for Regional, Global Growth

India, China Vital for Regional, Global Growth

India and China have been important engines of regional and global economic growth, a top official of International Monetary Fund said Sunday, noting that a strong economic partnership between the two Asian giants would be beneficial.
“For the past several years, India and China have been important engines of regional and global economic growth. In 2017, India and China were responsible for almost half of global growth,” Tao Zhang, IMF deputy managing director, told PTI in an interview ahead of his visit to India.
The IMF, he said, strongly believes that the world benefits if individual countries implement sound stability-oriented macroeconomic policies and reduce barriers to trade and investment.
“A strong economic partnership between India and China would be beneficial, and their collaboration is welcome. The BRICS and G-20 summits are good examples,” Zhang said when asked about the impact these two economies collectively have on the global economy.
The Indian economy now seems to be on its way to recovering from disruptions caused by demonetization and roll-out of goods and services tax, he said. At the same time, the IMF has underscored the significance of reforms in other key sectors like education, health and improving the efficiency of the banking and financial systems.
India’s economy has expanded strongly in recent years, thanks to macroeconomic policies that emphasize stability and efforts to tackle supply-side bottlenecks and structural reforms. Disruptions from demonetization and the rollout of the goods and services tax did slow growth,” Zhang said.
“However, with the economy expanding by 7.2% in the latest quarter, India has regained the title of the fastest-growing major economy,” the IMF official said. Calling this development a “welcome change”, Zhang said the growth prospects remain positive.
For many years, commentators have feared a financial crisis in China. They agonized over a rapid rise in its debt and fault lines in its banking system. They called China’s property market a bubble. They forecast that efforts to rebalance its economy away from an investment binge may lead to disaster.
But China hasn’t collapsed. In fact, it outperformed expectations. China government statistics show gross domestic product growing by 6.9% in 2017, above the 6.5% target set by the government. It was the first increase in growth since 2010.
China’s economy is resilient, said Mark Tan, Senior Director and Head of Greater China Equities at UOB Asset Management.

Short URL : https://goo.gl/i4YS5e
  1. https://goo.gl/1w4jEZ
  • https://goo.gl/nGVsXo
  • https://goo.gl/qqfkeu
  • https://goo.gl/iDY91C
  • https://goo.gl/M9CXgF

You can also read ...

Big Data, Online Markets Can Lead to Higher Prices
Information technology is not just transforming markets; it is...
Air India Sale Hangs in Balance
Uncertainty hangs over the Indian government's plans to sell...
Liu He (L) and Steven Mnuchin after the joint statement to avoid a trade war.
With "minutes to midnight", the great US-China trade war...
Italy could set the stage for the bloc’s next crisis if it delivers on its tax-cutting and high-spending policies.
Capital investment in 24 of the EU’s 28 member states has...
A meeting of eurozone finance ministers is set for June 21.
Greece’s creditors have agreed a program of reforms as the...
Bangla Trade Deficit Doubles
Bangladesh’s trade deficit has almost doubled within 12 months...
Egypt Gets Bids for Power Plant
Egypt next week will announce the winning consortium to build...
Cumulative gross financing needs could amount  to $69.3 billion for 2018 for the six-nation group.
While public debt levels remain at manageable levels for most...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus