China slowing to 19 year low, watches India
Both India and China may grow at almost the same pace next year, when the global slowdown triggered in the US and Europe will hit home harder.
On Tuesday, the World Bank in Beijing forecast that China would grow at a 7.5 per cent rate next year — China’s lowest since 1990 and a drop from 9.4 per cent growth projected for this year. There is no Bank figure for India, but Prime Manmohan Minister Singh has predicted a 7 to 7.5 per cent growth.
China is the world’s fastest-growing economy and had expanded in double digits for the last five years, touching 11.9 per cent last year.
“More than half of our GDP growth forecast of around 7.5 per- cent for 2009 is coming from government influenced spending,” said main author Louis Kuijs in Beijing.
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On Tuesday, the World Bank in Beijing forecast that China would grow at a 7.5 per cent rate next year — China’s lowest since 1990 and a drop from 9.4 per cent growth projected for this year. There is no Bank figure for India, but Prime Manmohan Minister Singh has predicted a 7 to 7.5 per cent growth.
China is the world’s fastest-growing economy and had expanded in double digits for the last five years, touching 11.9 per cent last year.
“More than half of our GDP growth forecast of around 7.5 per- cent for 2009 is coming from government influenced spending,” said main author Louis Kuijs in Beijing.
To read the full article, click here..
To read the ePaper, visit: http://epaper.hindustantimes.com
Labels: author Louis Kuijs, china, China is the world’s fastest-growing economy, GDP growth forecast, India, World Bank in Beijing
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10:59 AM
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