India's economy to grow nearly 9 percent in 2010: IMF

22:11, April 21, 2010      

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Driven by strong domestic demand, India's economy is expected to grow nearly 9 percent in 2010, said the International Monetary Fund (IMF) on Wednesday.

"In India, growth is projected to be 8.75 percent in 2010 and 8.5 percent in 2011, supported by rising private demand," said the IMF in its latest World Economic Outlook report.

"Consumption will strengthen as the labor market improves, and investment is expected to be boosted by strong profitability, rising business confidence, and favorable financing conditions," said the IMF.

According to the report, in which the IMF said Asia's GDP is projected to grow by 7 percent in both 2010 and 2011, the strength in final domestic demand in India would have positive effects on other Asian economies, particularly exporters of commodities and capital goods.

In the report, the IMF said "the global recovery has evolved better than expected, with activity recovering at varying speeds, tepidly in many advanced economies but solidly in most emerging and developing economies."

The world economy, which declined by 0.6 percent in 2009, will recover gradually in 2010 and 2011, growing by 4.2 percent and 4.3 percent respectively, said the IMF.

Source: Xinhua

(Editor:王千原雪)

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