UN Lowers India Growth Forecast To 4.8 Percent For 2013

India’s growth in the first half of 2013-14 stood at 4.6 per cent. To achieve 5 per cent growth in this financial year, the economy has to expand by 5.4 per cent in the second half.

Shamshad Akhtar, UN’s Assistant Secretary-General for Economic Development, Department of Economic and Social Affairs, said much of the world’s economic weakness stemmed from developed economies which continued to struggle, including the euro area and the U.S.

Capital flows declined for many developing countries and associated volatility generated macroeconomic complications, she said, adding volatility of flows, particularly with regard to the US Fed Res’s tapering of the quantitative easing programme, had strong consequences.

“The potential for substantial downside risks of the premature tapering of quantitative easing could impact global growth. Emerging markets should be prepared to deal with the impact of global outflows as quantitative easing was (being) tightened,” she said.
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