According to the United Nations, India's strong domestic consumption and investment estimate the GDP growth rate, which means economic growth rate will be 7.1 percent in 2019-20. Although it is less than the 7.4 percent estimated in January this year.
At that time, the economic growth rate in the financial year 2019 and 2020 was expected to be 7.6 and 7.4 percent, respectively. Despite this, India remains a major country ahead of China in terms of economic growth.
India's Economic Growth Rate, which had two-thirds share in regional production in South Asia in the World Economic Position and Prospect (WESP) report for 2019 mid-2011, was 7.2 percent in 2018.
The report said, "The strong domestic consumption and investment will continue to support growth, which is estimated to be 7.0 percent in 2019 and 7.1 percent in 2020. According to WESP, the estimation of the economic growth rate for all major developed economies has been reduced. Also, the growth scenario of many developing economies has also weakened. '
China's GDP Growth Rate
According to the news agency PTI Despite the reduction in growth rate, India is in a better position between strong domestic demands. In the report, the economic growth in South Asia, including India, has been described as the challenge of infrastructure constraints. China's economic growth rate is estimated to be lower than in 2018. Where it was 6.6 percent in 2018, it has been projected to be 6.3 percent in 2019 and 6.2 percent in 2020.
Regarding the global economic growth rate, it said that trade disputes between the US and China, policy uncertainties internationally and weak confidence of companies are a challenge for the world's economic growth. Given this, estimates of global economic growth have been reduced compared to January.
The report says the global gross domestic product growth rate in 2019 is estimated to be lower than 3.08% of the total of 2018. It is likely to be 2.7 percent in 2019 and 2.9 percent in 2020. It is less than the estimates presented in this January report this year. In January's report, it was estimated to be 3.0-3.0 percent in 2019 and 2020. It has been said that domestic and global factors have weakened the growth landscape in all the big economies and developing areas.