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India is expected to grow 5.2% in 2013 with some pick up in domestic private demand even though global economy continue to see sluggish expansion as developed nations are unlikely to recover, the UNCTAD said in a report on Thursday, warning that reverting to pre-crisis growth strategies was neither possible nor desirable.
Global growth rate is forecasted at 2.1% this year compared with 2.2% in 2012 as the US may decelerate to 1.7% from 2.2% and Europe will stay in recession for the second consecutive year.
“The global economy is still struggling to return to a strong and sustained growth path...As in previous years,
developed countries are expected to show the poorest performance, with around 1% increase in gross domestic product (GDP). Developing and transition economies are likely to grow by almost 5% and 3%, respectively,” UNCTAD said in its report on trade and development.
India’s GDP in dollar terms is expected to grow 5.2% in 2013 compared with 3.8% last year, it said adding China’s GDP growth will slow to 7.6% as compared with 7.8% last year.
Economic activity in many developed countries and a number of emerging market economies is still suffering from the impacts of the financial and economic crisis that started in 2008, and from the unsustainable financial processes and domestic and international imbalances that led to it.
Developing countries are expected to grow by between 4.5% and 5% in 2013, similar to 2012.