What is the projected increase in India's contribution to global economic growth in the next 5 years
According to an IMF official, how much will India's contribution to global economic growth rise by in the next 5 years?
According to an IMF official, India's contribution to global economic growth is expected to rise significantly in the next 5 years. Here are the projected increases:
- Strong Growth Rate: India is projected to continue its impressive growth rate, which is estimated to be around 7.9% in the next 5 years. This robust growth is expected to contribute significantly to global economic expansion.
- Increasing Share of World GDP: India's share of the world's GDP is forecasted to rise from around 3.1% in 2020 to 4.5% by 2024. This indicates that India's economic growth will outpace the global average, making it a key driver of global economic expansion.
- Rising Consumer Demand: India's growing middle class and increasing urbanization are set to drive consumer demand further. This would not only boost domestic economic activity but also contribute to global economic growth, as India is an important consumer market.
- Investment and Infrastructure: India's emphasis on infrastructure development and attracting foreign investment is expected to further enhance its economic potential. Improved infrastructure would support economic growth, stimulate business activities, and attract more global investments.
- Demographic Advantage: With a young and dynamic workforce, India has a demographic advantage. This demographic dividend is expected to continue driving economic growth in the coming years, providing a significant boost to global economic expansion.
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