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S&P Global projects India’s expansive growth to fuel global economic advancement


Sep 8, 2023

S&P Global Insights has highlighted India’s strong economic growth and positive forecasts for certain Southeast Asian countries as important drivers for global growth. S&P Global’s Asia-Pacific chief economist, Rajiv Biswas, stated that over the next decade, the Asia-Pacific region is expected to be the fastest-growing region in the world economy. He specifically mentioned India, Indonesia, the Philippines, and Vietnam as key contributors to this growth. Biswas also noted that Asia-Pacific’s GDP is projected to increase by 55% over the next decade, while the US will account for 15% and China for one-third of the global growth. However, he stated that China’s recovery has been slower than expected. S&P’s projections indicate that the Asia-Pacific region’s growth will strengthen from 3.3% in 2020 to 4.2% in 2021. Overall, S&P expects global growth to be around 2.5% for this year and the next.

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