By Mahir Haneef. TDT | Agencies The Daily Tribune – www.newsofbahrain.com Email: editor@newsobahrain.com India continues to lead as the world's fastest-growing economy, driven by strong investment and private consumption, according to the International Monetary Fund's (IMF) Asia-Pacific Reg
TDT | Agencies
The Daily Tribune – www.newsofbahrain.com
Email: editor@newsobahrain.com
India continues to lead as the world’s fastest-growing economy, driven by strong investment and private consumption, according to the International Monetary Fund’s (IMF) Asia-Pacific Regional Economic Outlook released on Friday.
In its earlier World Economic Outlook report on October 2, the IMF maintained India’s GDP growth projections at 7% for FY25 and 6.5% for FY26.
Growth in Asia is projected to decelerate in 2024 and 2025, reflecting the diminishing effects of post-pandemic recovery and demographic factors such as aging.
However, short-term prospects remain more optimistic than anticipated in April, the report said.
The Asia-Pacific region is expected to account for around 60% of global growth in 2023, although “the outlook is subject to sizable economic and geopolitical uncertainties,” the IMF cautioned.
Services have already drawn nearly half of the region’s workforce, a substantial increase from 22% in 1990, as millions moved away from agriculture and manufacturing.
During a recent discussion, Finance Minister Nirmala Sitharaman underscored that job creation remains a critical global challenge, urging the World Bank to address this issue amid ongoing economic challenges and the rapid technological shifts transforming the skills needed for young people entering the workforce.
