Question: What is India’s GDP forecast for 2017, as per latest UN report ‘the Economic and Social Survey of Asia and the Pacific 2017’?
(a) 7.1%
(b) 7.6%
(c) 7.5%
(d) 7.3%
Ans(a)
Related facts:
- On May 01, 2017, UN Economic and Social Commission for Asia and the Pacific (ESCAP released its annual flagship report ‘The Economic and Social Survey of Asia and the Pacific 2017’.
- The report projects India’s economic growth to be stable at 7.1 per cent in 2017 before edging up to 7.5 per cent in 2018.
- The rate of India’s economic growth moderated to 7.1 per cent in 2016 from 7.6 per cent in 2015.
- Inflation is projected to reach 5.3-5.5 per cent in 2017 and 2018, which is somewhat above the official target of 4.5-5 per cent.
- The report, however, noted that a key downside risk for India was heightened financial sector risks related to the concentration of bad loans in public sector banks.
- The gross non-performing assets ratio in public sector banks reached almost 12 per cent in 2016.
- The report highlights that despite a broadly positive economic outlook for 2017, Asia-Pacific economies are vulnerable to rising global uncertainty and trade protectionism.
- The region’s developing economies are projected to grow at 5 per cent and 5.1 per cent in 2017 and 2018 up from 4.9 per cent 2016.
- China’s growth rate is projected at 6.5 per cent in 2017 against 6.7 per cent in 2016.
Reference:
http://www.unescap.org/sites/default/files/INDIA.pdf
http://www.unescap.org/news/effective-governance-will-sustain-asia-pacific-economic-growth-and-improve-its-quality-says-un
http://www.unescap.org/publications/economic-and-social-survey-asia-and-pacific-2017