Even as the “world is entering an era of slower growth” and “deepening recession”, India’s economy is set to expand 5.1 per cent in 2009 and by 8.0 per cent in 2010, the World Bank forecast on Monday.

Without India and China, which too is forecast to grow 7.2 per cent followed 7.7 per cent, the developing countries output would shrink 1.6 per cent, the Bank said in its Global Development Finance 2009 report.

The immediate impact of the crisis on the South Asian economy was most apparent in financial markets, although the banking sector was relatively unscathed-given the region’s minimal exposure to toxic assets and the limited presence of foreign commercial and investment banks, the report said.

Enter your email address:         Delivered by FeedBurner

Tags: China, Global Development Finance Report 2009, Indian Economy, world bank

This entry was posted on Monday, June 22nd, 2009 and is filed under Indian Economy. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.