(a) whether there is positive outlook after a deep recession in
the global economy especially in the United States (US) and Europe;
(b) if so, the details thereof;
(c) the comparative details of the country’s growth rate vis-à -vis
those of Europe and the US over the last three years till date;
(d) the extent to which the global economy has affected the Indian economy;and
(e) the steps taken or proposed to be taken to improve the growth rate in future?
MINISTER OF THE STATE IN THE MINISTRY OF FINANCE (SHRI PRANAB MUKHERJEE)
(a) to (e) A Statement is laid on the Table of the House.
Statement referred to in reply to Lok Sabha Starred Question No. 30 regarding Growth Rate
due for
on November 20, 2009 by Shri Francisco Sardinha
(a) & (b) : The world economy is exhibiting early signs of recovery, supported by the strong
performance of Asian economies and recovery in advanced economies. After successive rounds
of downward revisions in growth outlook for 2009 from 3. 9 per cent in July 2008 to (-) 1.4
per cent in July 2009, the International Monetary Fund (IMF), for the first time, revised
the growth projections upward to (-) 1.1 per cent in World Economic Outlook (WEO) October
2009. For 2010, the IMF has revised projections upwards to 3.1 per cent as per WEO of October
2009, as compared to 2.5 per cent projected in WEO July 2009. The developed countries
(including USA and Euro area) as a group are expected to grow by 1.3 per cent in 2010
as compared to July 2009 projection of 0.6 per cent, as per the details below:
Item World Economic Outlook World Economic Outlook July 2009 (in per cent) October 2009 (in per cent)
2008 2009 2010 2008 2009 2010 Projections Projections Projections Projections
World Output 3.1 -1.4 2.5 3.0 -1.1 3.1 Advanced economies 0.8 -3.8 0.6 0.6 -3.4 1.3 United States 1.1 -2.6 0.8 0.4 -2.7 1.5 Euro area 0.8 -4.8 -0.3 0.7 -4.2 0.3 European Union 1.1 -4.7 -0.1 1.0 -4.2 0.5
Source: IMF, World Economic Outlook , July and October 2009
Growth rate (in per cent)
Country 2006 2007 2008
United States 2.8 2.1 0.4 Euro area 2.8 2.7 0.7 European Union 3.3 3.1 1.0 India 9.8 9.4 7.3
Source: IMF, World Economic Outlook , November 2008 and October 2009