World Bank predicts "enormous growth" for India, 7.3% in 2018-19

World Bank predicts

The next two years, it will rise at 7.5%. The world economy probably expanded 3 percent past year, which would be the fastest pace since 2011.

The global economy is forecast to grow 3.1 percent this year, the World Bank said in a report titled "Global Economic Prospects" that was released Tuesday, up from the 2.9 percent growth forecast from June last year.

In 2019, the growth is expected at the level of three percent (previously, the growth was projected to stand at 2.9 percent).

"The World Bank forecasts global economic growth to edge up to 3.1 percent in 2018 after a much stronger than expected 2017, as the recovery in investment, manufacturing and trade continues", the report said.

Still, the bank said risks remain tilted to the downside, warning an abrupt tightening of financing conditions or spike in market volatility could derail the expansion.

"In all likelihood, India is going to register higher growth rate than other major emerging market economies in the next decade", Ayhan Kose, director of the World Bank's Development Prospects Group, told PTI. He cautioned that "we need to get ready for the next episode, because history repeats itself".

In the coming years, the private sector will adjust to the changes in the tax structure, and a broad recovery in global trade will boost Indian exports, the World Bank's 2018 Global Economics Prospect report said.

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"Growth in advanced economies is expected to moderate slightly to 2.2 percent in 2018, as central banks gradually remove their post-crisis accommodation and the upturn in investment growth stabilizes", the report said.

"Pakistan is anticipated to accelerate to 5.8 percent in FY 2018/19, which begins July 1, from 5.5 percent in FY 2017/18", the report said.

China will expand at a 6.4 percent pace this year, up 0.1 point from the June projection, the World Bank said.

Euro area growth was revised up 0.7 points to 2.4% last year, and another 0.6 points to 2.1% this year.

Potential growth has been plodding along below its long-term average, weighed down by weak rates of capital accumulation and slow productivity growth, the bank said. The worldwide economy as a whole grew previous year at a stronger-than-expected 3 percent.

The World Bank forecast that China, the world's second-largest economy, will grow 6.4 percent this year.