MUMBAI: The economy is unlikely to see any major pick in 2014 and may end up with about just 4.5-5 per cent growth due to the ongoing fiscal and monetary policy tightening, says a report.

"GDP growth will remain in a 4.5-5 per cent range for much of 2014, due to the ongoing fiscal and monetary policy tightening," Japanese brokerage Nomura said in a report.

"The year 2014 is likely to be a year of consolidation and although the investment downturn appears to be coming to an end, we do not yet see any triggers for a revival," the report said.

The GDP growth in the first two quarters of FY14 stood at 4.4 per cent and 4.8 per cent, respectively.

The economic growth slowed to a low of 4.5 per cent in FY'13 on account of mostly local factors such as high interest rates.

Finance Minister P Chidambaram in his interm Budget, presented last week, said he expected growth in FY'14 to be at 4.9 per cent, similar to the advance estimate given by the Central Statistics Office.

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