Indian Economy To Grow By 5 Percent In 2014: UN

The World Bank has projected an economic growth rate of 5.7 percent in fiscal year 2014 for India, while IMF has pegged the growth forecast at 5.4 percent in 2014 for the country.

The economic growth rate for financial year ending March, 2014, is projected to be 4.9 percent, marginally higher than 4.5 percent in the previous fiscal, by the Central Statistics Office.

The UN report said that global economy is expected to strengthen over the next two years, despite a downgrade of growth prospects for some developing economies and economies in transition.

Growth of world gross product (WGP) is projected at 2.8 percent in 2014 and 3.2 percent in 2015, up from 2.2 percent in 2013.

However, this pace of expansion is still low compared to the growth path before the 2008 global financial crisis.

The report warns that risks and uncertainties for the world economy include international spill-overs from ongoing adjustment in monetary policies by developed economies, vulnerabilities of emerging economies, remaining fragilities in the euro area, long-term unsustainable public finance for many developed countries and geopolitical tensions.

"More than five years after the financial crisis, the world continues to struggle with getting the global economic engine back to running at full capacity," Chief of the Global Economic Monitoring Unit for the UN Department of Economic and Social Affairs Pingfan Hong said.