Posts Tagged ‘financial indicators’

UNCTAD Projects 5% Growth for India :(

Indian economy

The UN body United Nations Conference on Trade and Development (UNCTAD) on Monday projected a lower growth of five per cent for India in 2009 as against Reserve Bank of India (RBI) and Government”s forecast of more than six per cent in the current financial year.

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Releasing its “Trade and Development Report 2009” in New Delhi, UNCTAD report said that it expected Indian economy to grow by five per cent in 2009.

The economy grew by 6.7 per cent in 2008-09 fiscal while in the first quarter of the 2009-10 financial year the Gross Domestic Product (GDP) expanded at 6.1 per cent.

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However, the UNCTAD report listed India as the second fastest growing economy after China, in the backdrop of the global economy set to shrink by 2.7 per cent in 2009.

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“The economic winter is far from over: tumbling profits in the real economy, previous over-investment in real estate and rising unemployment will continue to constrain private consumption and investment for the foreseeable future.

Even economies that will grow this year, such as those of China and India, are slowing significantly compared to previous years. The crisis is unprecedented in its depth and breadth leaving virtually no country unscathed,” it said.

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Further, the report said that improvement of certain financial indicators reached in the first quarter of 2009 as well as falling interest rate spreads on emerging-market debt and corporate bonds and the rebound in securities and commodity prices were seen as green shoots of economic recovery.

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UNCTAD has said the growth rate of developed nations is expected to contract by 4.1 per cent in 2009, while it is likely to decelerate to 1.3 per cent in 2009 from 5.4 per cent in 2008 for developing countries.

😦

The UN body United Nations Conference on Trade and Development (UNCTAD) on Monday projected a lower growth of five per cent for India in 2009 as against Reserve Bank of India (RBI) and Government”s forecast of more than six per cent in the current financial year.

Releasing its “Trade and Development Report 2009” in New Delhi, UNCTAD report said that it expected Indian economy to grow by five per cent in 2009. The economy grew by 6.7 per cent in 2008-09 fiscal while in the first quarter of the 2009-10 financial year the Gross Domestic Product (GDP) expanded at 6.1 per cent. However, the UNCTAD report listed India as the second fastest growing economy after China, in the backdrop of the global economy set to shrink by 2.7 per cent in 2009.

“The economic winter is far from over: tumbling profits in the real economy, previous over-investment in real estate and rising unemployment will continue to constrain private consumption and investment for the foreseeable future. Even economies that will grow this year, such as those of China and India, are slowing significantly compared to previous years. The crisis is unprecedented in its depth and breadth leaving virtually no country unscathed,” it said.

Further, the report said that improvement of certain financial indicators reached in the first quarter of 2009 as well as falling interest rate spreads on emerging-market debt and corporate bonds and the rebound in securities and commodity prices were seen as green shoots of economic recovery.

UNCTAD has said the growth rate of developed nations is expected to contract by 4.1 per cent in 2009, while it is likely to decelerate to 1.3 per cent in 2009 from 5.4 per cent in 2008 for developing countries.