World Bank projected India would remain fastest growing large economy in 2016, at a rate more than a percentage point higher than China’s. Work Bank in its report, Global Economic Prospects projected the Indian economy to grow at 7.8% in 2016 and China’s to grow at a more modest 6.7%. World Bank estimated world economy growth at 2.9%.
World Bank estimates represent a downward revision from the projections made in June 2015, but the downward revision of 0.1 percentage points in India’s case is less than the 0.3 percentage point adjustment in the estimate for China or the reduction of 0.4 percentage points in the reckoning of global growth. World Bank estimates about India’s neighbouring countries, Bangladesh projected to grow at 6.7% and Pakistan at 5.5%. Report says, South Asia will be the world’s fastest growing region. Among the other BRICS economies, Russia’s economy is projected to shrink by 0.7% in 2016 and Brazil’ by 2.5%, hit by the slump in global commodity prices while South Africa is expected to see its economy grow very slowly at 1.4%.