India's Economic Snowball: WEF President Anticipates Highest Growth Among Major Economies

According to Borge Brende, the President of the World Economic Forum (WEF), India is on track to record the highest growth among large economies this year, driven by a snowball effect leading to increased investments and job creation.

What Happened? In an interview with PTI, Brende attributed India’s growth to reforms reducing bureaucratic obstacles and creating a better investment climate, as well as a digital revolution taking place in the country.

Brende conveyed a very positive and optimistic outlook for India, despite his less enthusiastic forecast for global growth. He described India’s economic growth as a snowball, gathering more investments, and jobs, and resulting in exponential growth in the coming years.

As the G20’s current president, India’s rapid economic growth is becoming more prominent. Brende, who visited India recently, had discussions with various stakeholders about ongoing collaborations and India’s G20 presidency.

See also: India Still Fastest Growing Economy In Asia, Says IMF Even As It Lowers GDP Forecast

Brende believes that developing nations can learn from India, highlighting the country’s broad startup ecosystem as a source of inspiration for other countries.

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The WEF, renowned for its annual Davos meeting, predicts almost 6% economic growth for India this year, the highest for any major economy worldwide. Brende, expressing his optimism for India’s growth, emphasises that external factors like wars or conflicts can negatively impact this growth.

The United Nations expects India’s economy to expand by 5.8% in 2023 and 6.7% in 2024, bolstered by resilient domestic demand. However, higher interest rates and weaker external demand could negatively affect investments and exports in 2023. Brende urged India to continue investing in infrastructure and education, as well as upskilling and reskilling initiatives for future growth.

Read next: Anand Mahindra Impressed With World Bank Report On India’s Growth: ‘Now The Key Will Be…’

Posted In: Emerging MarketsMarketseconomic growth forecastWorld Economic Forum