Why in News?
The World Bank, in its Global Economic Prospects, retained India’s FY26 GDP growth forecast at 6.3%, highlighting it as the fastest-growing major economy despite global uncertainties and reduced projections for 70% of world economies.
Description:
- Global Growth Projection: The global economy is projected to grow at 2.7% in 2025 and 2026, maintaining the same pace as in 2024.
- Emerging Markets’ Rising Share: Emerging Market and Developing Economies (EMDEs) now contribute around 45% of global GDP, up from 25% in 2000.
- Key Growth Drivers: India, China, and Brazil—the three largest EMDEs—have together accounted for approximately 60% of annual global growth since the beginning of the century.
- Trade Restrictions Surge: In 2024, the number of new global trade restrictions was five times higher than the average during 2010–2019, impacting global growth rates.
- India’s Economic Outlook: India is projected to be the fastest-growing large economy for FY26 and FY27 with a growth rate of 6.7%, driven by strong service and manufacturing sectors, robust private investments, and government initiatives like PM GatiShakti and Startup India.
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