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    India on track to achieve world's fastest growth: Report

    India on track to achieve world's fastest growth: Report

    India on track to achieve world's fastest growth: Report
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    By CNBCTV18.com  IST (Updated)

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    India's economic losses have been limited so far, and it will be boosted by factors such as better-adapted firms, stable financial conditions and robust global growth spillovers, the Bloomberg report said. Further, COVID-19 numbers have dropped to the lowest in more than 6 months.

    India is on track to achieve the world's fastest growth due to strong demand even as fresh infection numbers dropped to the lowest in more than six months, according to the latest survey results compiled by Bloomberg.
    India's economic losses have been limited so far, and it will be boosted by factors such as better-adapted firms, stable financial conditions and robust global growth spillovers, the Bloomberg report said quoting Madhavi Arora, lead economist at Emkay Global Financial Services Ltd.
    Economic activity next year in Malaysia and India, two of the countries most affected by the second wave of the COVID-19 pandemic, is expected to recover faster than earlier forecast, according to the survey.
    While Malaysia’s growth outlook was upgraded by the most in the region -- 85 basis points to an expansion of 5.65 percent next year, India was a close second, with its economy expected to grow 6.7 percent, 80 basis points faster than previously seen.
    Except for Thailand and New Zealand, which saw their outlooks slashed by at least 20 basis points, economists have raised their growth projections for most Asian countries. Indonesia’s outlook saw only a slight change.
    Malaysia, which posted one of the world’s highest daily new infection rates over the past month and witnessed a change of guard, does not face any immediate economic risks. The country's economy was supported by growth in domestic demand and strong exports, as the second-quarter gross domestic product grew 16.1 percent.
    The survey on consumer price trends showed the biggest revision to New Zealand’s outlook, with inflation there seen accelerating by 90 basis points to 2.3 percent next year. Meanwhile, Singapore and Australia are likely to see headline inflation rising by at least 40 basis points.
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