The United Nations (UN) has lowered its forecast for India\u2019s GDP growth in 2019-20 to 7.1% from its estimate in January of 7.5%, citing an overall slowdown in global growth.<\/p>\n
The UN World Economic Situation and Prospects as of mid-2019 report said that the global economy is experiencing a broad-based growth slowdown led by slowing industrial production coupled with the weakening of international trade activity due in large part to the unresolved trade disputes between the U.S. and China.<\/p>\n
\u201cAcross both developed and developing countries, growth projections for 2019 have been downgraded,\u201d the report said. \u201cAlongside a slowdown in international trade, business sentiments have deteriorated, casting a cloud on investment prospects. \u201cThe Indian economy, which generates two-thirds of the regional output, expanded by 7.2% in 2018,\u201d the report added. \u201cStrong domestic consumption and investment will continue to support growth, which is projected at 7% in 2019 and 7.1% in 2020.\u201d<\/p>\n
While the slowdown in European Union has meant exports from nations such as Bangladesh have also slowed as the EU is one of its major export destinations, India is on a stronger footing because of the nature of its export destinations.<\/p>\n
\u201cIndia\u2019s exports remain more robust, as around half of exports are destined for faster-growing Asian markets,\u201d the report said.<\/p>\n
Overall, the UN lowered its growth forecast for South Asia marginally to 5.8% in 2020 from the 5.9% estimated for the year in January.<\/p>\n","protected":false},"excerpt":{"rendered":"
Relevant for Prelims and HS paper 3(Economy):- The United Nations (UN) has lowered its forecast for India\u2019s GDP growth in<\/p>\n","protected":false},"author":1,"featured_media":3179,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[873],"class_list":["post-3210","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-miscellaneous","tag-civil-service-examcivil-services-examgeneral-knowledgegeneral-studiesgeneral-studies-prelimsgsgs-paper-2iasunion-public-service-commission-upscupsc"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/posts\/3210","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/comments?post=3210"}],"version-history":[{"count":1,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/posts\/3210\/revisions"}],"predecessor-version":[{"id":3211,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/posts\/3210\/revisions\/3211"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/media\/3179"}],"wp:attachment":[{"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/media?parent=3210"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/categories?post=3210"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/tags?post=3210"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}