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China, India to grow fastest in world: IMF
January 24, 2013, 11:37 am

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According to the latest International Monetary Fund (IMF) economic forecasts, China and India will remain the fastest-growing region in the world with growth of 7.1 per cent in 2013 and 7.5 per cent in 2014.

The pace of growth in China is set to increase to 8.2 per cent in 2013 and 8.5 per cent in 2014, up from 2012 but still lower than the 10 per cent growth rates of 2010, the fund said.

The IMF forecasts that the eurozone will stay in recession in 2013 with the currency area’s economy contracting by 0.2 per cent.

“The euro area continues to pose a large downside risk to the global outlook,” the Washington-based crisis lender said in a quarterly update of its World Economic Outlook on Wednesday.

“In particular, risks of prolonged stagnation in the euro area as a whole will rise if the momentum for reform is not maintained,” the fund said.

Africa, with growth likely to be around 5.8 per cent in 2013 and 5.7 per cent in 2014, is the world’s second-fastest growing region.

The IMF trimmed its 2013 forecast for global growth to 3.5 per cent from the 3.6 per cent it projected in October.

Source: Agencies