India to be fastest growing economy in 10 yearsStaff writer ▼ | December 23, 2015
India, with a projected annual growth rate of 7 percent, has the potential to be the world's fastest growing economy over the coming decade, according to Harvard researchers.
Growth The U.S. is expected to grow at 2.8 percent
India has the potential to be the fastest growing economy over the coming decade. This far outpaces projections for its northern neighbor and economic rival, China, which the researchers expect to face a continued slowdown to 4.3 percent growth annually to 2024, the report said.
South Asia and East Africa have the greatest potential for rapid growth as oil economies and other commodity-driven economies face the slowest growth outlook, it said.
Uganda, Tanzania and Kenya ranking in the top 10, with all predicted to grow at least 5.5 percent annually. The growth forecast also looks favorably on Southeast Asia, where the Philippines, Malaysia, Indonesia and Vietnam look to drive growth well above global averages.
Growth in advanced economies remains slow by comparison, though it has risen slightly in the projections in recent years.
The U.S. is expected to grow at 2.8 percent annually to 2024, with higher growth predicted in the United Kingdom (3.2 percent) and Spain (3.4 percent), and slower growth in Italy (1.8 percent) and Germany (0.35 percent).
The United Nations has also predicted that India will continue to be the fastest growing economy in the world in 2016 and 2017,projected to grow by 7.3 percent next year and 7.5 percent the year after amid a global order that will see persistent macroeconomic uncertainties, diminished trade flows and stagnant investment. ■