Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now


You can switch off notifications anytime using browser settings.
11,971.8061.65
Stock Analysis, IPO, Mutual Funds, Bonds & More

India’s economy to grow 6.6% in 2020-24: OECD

India’s GDP could grow 6.6% in 2020-24, lower than its 2013-17 average of 7.4%, OECD said on Saturday.

, ET Bureau|
Updated: Nov 02, 2019, 09.23 PM IST
0Comments
BCCL
economy-gdp
The organisation has predicted a regional GDP growth of 5.7% over 2020-24, down from 6.7% in 2013-17.
NEW DELHI: India’s gross domestic product (GDP) could grow 6.6% in 2020-24, lower than its 2013-17 average of 7.4%, the Organisation for Economic Co-operation and Development (OECD) said on Saturday.

“India is also anticipated to grow relatively more modestly in 2020-24 than in 2013-17 while the banking sector regains its footing,” it said in its Economic Outlook for Southeast Asia, China and India 2020 presented at the Association of Southeast Asian Nations (ASEAN) summit in Bangkok.

While reliance on consumption will continue, the large informal labour share indicates that there is room to strengthen the consumption base.

“Sustaining efforts to prop up the health of the banking sector is a vital challenge, while bridging the disparity in urban and rural infrastructure is important for spreading investment and economic opportunities while addressing urbanisation,” it said.

The organisation has predicted a regional GDP growth of 5.7% over 2020-24, down from 6.7% in 2013-17.

As per the report, China would need to bridge the gap between demand and supply of digital talent, while improving digital literacy and increasing access to digital devices are critical in India.

Trade tensions between the United States and China are continuing, and the broadening economic weakness in advanced economies adds substantial uncertainty to export prospects.

Stability in the labour market, and in certain cases inflows of income from overseas workers, will sustain domestic consumption. Realisation of infrastructure projects that are already in the pipeline should provide more lift to domestic demand.

Also Read

More reforms needed to boost jobs, incomes: OECD

Growth to pick up next year: OECD

OECD trims global 2020 growth forecast

Digital tax on MNCs: India seeks changes in OECD math

Comments
Add Your Comments
Commenting feature is disabled in your country/region.
Download The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.

Other useful Links


Follow us on


Download et app


Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service