The World Bank on Wednesday said that India would grow at about 7.8% in 2016 and 7.9% in the following two years, PTI reported. Its latest Global Economic Prospect report projected China to grow at a modest 6.7% in 2016 and 6.5% each in 2017 and 2018. The world economy as a whole would grow at 2.9% it said, compared to the 2.4% growth estimated for 2015, reported The Times of India.
The World Bank attributed India's robust growth to a strong investor sentiment and the positive effect on real incomes of the recent drop in oil prices, reported PTI. The financial institution said in its report that India's currency and stock markets were largely resilient over the past year, even during bouts of volatility in global financial markets.
The report also said that South Asia is projected to be a bright spot in the outlook for emerging and developing economies, with growth rate of 7.3% in 2016.