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World Bank Says India Has Recovered From Demonetisation, GST Blues, Sees Buoyant Economy
The World Bank Group’s headquarter in Washington DC.
Making a full recovery from the effects of demonetization and implementation of the Goods and Services Tax (GST), India’s economy will likely grow by 7.5 per cent during 2019-20, the World Bank has said.
Zee News reported that the World Bank, in its South Asia Economic Focus report, has said that the Indian economy has recovered from demonetisation and GST, which had been blamed by economists for tardy growth since November 2016. India’s growth was estimated at 6.7 per cent last year and is expected to improve to 7.3 per cent this year.
Referring to demonetisation and GST as crises, the World Bank said the worst has got over for the Indian economy.
However, the World Bank sees two challenges that India would have to surmount to continue its growth. One, private investment that has been low after demonetisation due to problems of credit supply and lack of investment opportunities will have to be improved. Second, the growth of exports has slowed down, and India’s share in global trade has stagnated. This issue would have to be addressed, it said.
With external conditions turning positive to propel growth, the Indian government’s ability to leverage these will depend on how the revival of investments and exports is sustained.
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