On Monday, The World Bank observed that The India Economy is recovering from its effects of Demonetization as well as GST- Goods and Services Tax. Also, The World Bank predicted the country’s Growth Rate of 7.3% in the economical year 2017-18.
The apex international financial institution forecasted a rate of growth of 7.5 percent for 2019 and 2020.
The World Bank in a Bi-yearly South Asia Economic Focus report said that “the growth is expected to accelerate from 6.7 percent in 2017 to 7.3 percent in 2018, and will subsequently stabilize, supported by a sustained recovery in private investment and private consumption.”
The report also noted that “India should strive to accelerate investments and exports to take advantage of the recovery in global growth.”
The World Bank also acknowledged that interference from demonetization and the implementation of GST led to a setback in the economic activity and a potentially larger negative effect on the poor and vulnerable.