India will have the same sound accelerated growth and will remain as the fastest growing major economy, much ahead of China in the next decade according to the Global Economic report.
The report prepared by Oxford economics; which dominantly engaged in global economic forecasting and quantitative analysis have marked India as a country which will likely to achieve an average growth of 6.5 % in 2019 to 2028, the highest among the emergent economics.
India will be followed by Philippines which will be marked at 5.3% and Indonesia at 5.1%, quite surprisingly China has been assigned the 4th slot with an average growth of 4.5% for the next decade. The report also includes the factors like Rapid Capital Accumulation (RCA) mainly for domestically financed – and robust total factor productivity (TFP) growth that will point out emerging markets (EM)
To achieve a sustainable rapid growth in the next decade, the emerging markets (EM) will need a very controlled savings; according to the report to avoid the Middle Income Trap (MIT) the upper middle income countries in particular need to make lot of defined progress in terms of implementing different technologies and mastering it and raising the involvement of people which are involved in innovation, technical Intelligence and Research & Development (R&D).
India is projected to grow at 7.5% in 2019 and 7.7 in 2020 more than China estimated growth of 6.2% in this two years according to the International Monetary Fund report and the recent world economic Outlook update.
Eminent economist Louis Kuijs authors the report and analysed and documented by Shibabrata Bhaumik.