UN Lowers India Growth Forecast To 4.8 Percent For 2013

The U.S. Federal Reserve last night announced that it would reduce the monthly bond purchases to $75 billion from the existing level of $85 billion from January.

Meanwhile, Finance Minister, P. Chidambaram, said India is better prepared to deal with the situation arising out of a cut in U.S. bond purchases and that markets have already factored in the impact of such a move.

He said this is a mild reduction and the U.S. Fed has not announced any sequential reduction.

“The government is of the view that the markets had already factored in the U.S. Federal Reserve’s decisions and therefore is not likely to be surprised by these moderate changes,” he said in a statement.

Further, the UN report said the global economy was expected to grow at a pace of 3 per cent in 2014.

Pingfan Hong, Chief of the Global Economic Monitoring Unit, Department of Economic and Social Affairs, said the world economy in 2013 was unable to meet even the most modest projections.

Read More:
2013's Most Followed Trending Topics On Twitter
Personalities Who Made Unexpected Headlines In 2013