India a bright spot in world economy: Top UN economist

United Nations: India is a "bright spot" in the world economy currently and is on a "strong footing", projected to grow at 6.7 per cent next year, a very high growth rate relative to other G20 member countries, a top UN economist said.

These remarks were made by the Chief of the Global Economic Monitoring Branch, Economic Analysis and Policy Division, UN-Department of Economic and Social Affairs Hamid Rashid.

"I think India is a bright spot in the world economy right now," Rashid said at the launch of the World Economic Situation and Prospects 2023 report.

The flagship report said that India's GDP is projected to moderate to 5.8 per cent in 2023 as higher interest rates and global economic slowdown weigh on investment and exports.

India's economic growth is expected to remain "strong" even as prospects for other South Asian nations "are more challenging." India is projected to grow at 6.7 per cent in 2024, the fastest-growing major economy in the world.

Rashid said, "we believe the Indian economy is on a strong footing given the strong domestic demand in the near term." Noting that India's economic growth is expected to pick up in 2024 to 6.7 per cent, he said this is "very high growth relative to other G20 member countries."