United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) on 19 January 2015 released World Economic Situation and Prospects (WESP) 2015 report. The report projects that the regional growth will pick up in 2015-16, as average GDP growth will accelerate from 5.0 percent in 2014 to 5.3 percent in 2015 and 5.7 percent in 2016.
The report has highlighted that the South Asia’s economic growth is set to reach a four-year high in 2015. The average gross domestic product (GDP) growth of South Asia accelerated from 3.7 percent in 2013 to 4.9 percent in 2014, and is projected to strengthen further to 5.4 percent in 2015 and 5.7 per cent in 2016.
It expects that the recovery will be led by a pick-up in growth in India, which accounts for about 70 percent of regional output.
The report in context of other Asian countries like Bangladesh and the Islamic Republic of Iran said that they will also see growth in the forecast period.
It says that growth supported by the robust external demand is expected to be underpinned by a moderate strengthening of domestic consumption and investment.
Report in context of India
WESP 2015 report said that India will see gradual growth acceleration in its GDP which is expected to reach 5.9 percent in 2015 and 6.3 percent in 2016. It says that it is expected that the recovery will be led by India.
India’s economy expanded in 2014 estimated by 5.4 percent, which improved from growth of 5.0 percent recorded in 2013.
The report said that the recovery is partly the result of improved market sentiment and plans to reform the bureaucracy, labour laws and public subsidies after the new administration took office in the second quarter of 2014.
About United Nations World Economic Situation and Prospects (WESP) report
WESP report is published annually at the beginning of the year by the UN Department of Economic and Social Affairs (UN/DESA), the UN Conference on Trade and Development (UNCTAD), the five UN regional commissions and the World Tourism Organization (UNWTO).
What: released by UNESCAP
When: 19 January 2015