The WESP 2019 Mid-year report noted that growth projections for 2019 have been revised downward in all major developed economies.
The growth outlook for many developing economies has also weakened.
The report that has been released on 21st of May said, the Economy of India expanded by 7.2% in 2018. The nation’s Gross Domestic Product (GDP) growth, however, is a downward revision from the 7.4% estimated in January 2019.
The report also said, India’s solid domestic consumption and investment will continue to support the growth of the economy.
The growth is projected at 7.0 per cent in 2019 and 7.1 per cent in 2020.
The projections, however, reflect a downward revision from the estimates made in the WESP 2019 report released in January 2019.
That report had estimated that India would grow at 7.6% in the fiscal year 2019 and 7.4% in 2020.
Why the projections on growth of Indian economy are weakening?
The WESP 2019 Mid-year Update noted that growth projections for 2019 have been revised downward in all major developed economies.
The growth outlook for many developing economies has also weakened, the report said.
Despite downward revisions, growth in India remains strong amid robust domestic demand, it added.