Processing .....please wait.. 
The article has been forwarded.... 
India will continue its dynamic growth in 2008: UN
By siliconindia
|
Saturday, 12 January 2008, 01:58 IST
According to a new United Nations report, as India is driven by investment in the manufacturing and service sectors, India will continue to witness dynamic growth in 2008, and will be "largely insulated from weakness in the global Economy."
As per UN's prediction, despite uncertainties posed by a slowing U.S Economy, the Asia-Pacific region as a whole is also likely to continue to witness strong economic growth this year.
"Key Economic Developments and Prospects in the Asia-Pacific Region 2008" -- published by the UN Economic and Social Commission for Asia and the Pacific (ESCAP) -- stated that the region's resilience will be underpinned by strong growth in India and China and high commodity prices.
While launching the report in Bangkok, Ravi Ratnayake, Chief ESCAP economist said, "Asia-Pacific economies are well prepared to manage continued uncertainty in the external environment over the coming months."
"The region's main strength lies in healthy macroeconomic fundamentals -- countries have the room to adopt supportive fiscal and monetary policies if faced with significantly declining export growth, financial market volatility or inflationary pressures," he added.
In 2007, developing economies in Asia posted a growth rate of 8.2 percent. In addition, this year it is expected to grow at a "slightly lower but still robust" rate of 7.8 percent.
Despite the upbeat forecast, the report warned that an unraveling of the United States sub-prime mortgage problem and a slowing of the U.S. Economy could pose risks for Asian economies.