It predicts the global economy will expand 3.1% in 2018, up from the 2.9% it previously forecast in June.
The bank indicates this forecast in its January 2018 Global Economic Prospect report. "Global growth stronger than what we expected", World Bank economist Ayhan Kose told AFP, noting that all the forecasts in the Global Economic Prospects report are better than the June edition. In 2017, China grew at 6.8%, a 0.1 percentage point more than India, while this year its growth rate is projected at 6.4%.
Even after two big-ticket reforms - Demonestisation and Goods and Services Tax (GST) - which made worldwide headlines and a lot was discussed about the Indian economy, Indian economy grew at 6.7% in 2017, according to the 2018 Global Economics Prospect released by the World Bank.
Since June, the World Bank has upgraded almost all of its forecasts, with global economic growth now expected to rise to 3.0 per cent for 2017, three-tenths of a point higher than the prior estimate. The recovery is expected to solidify, as improving business sentiment supports a modest rise in investment.
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Non-resource intensive countries are expected to expand at a solid pace, helped by robust investment growth.
Structural reforms could however be slowed down, says the bank as a result of persisting policy uncertainty.
"Recovery in Russian Federation and Kazakhstan generated positive spillovers for commodity-importing countries in the region, including Armenia, through remittances and exports", reads the report. The report wrote that the major economies - the United States, Eurozone, and Japan - are expected to see moderate growth of around 2.2 percent this year, as central banks gradually remove their post-crisis stimulus measures. "Growth in emerging market and developing economies as a whole is projected to strengthen to 4.5% in 2018, as activity in commodity exporters continues to recover".
"Pakistan is anticipated to accelerate to 5.8 percent in FY 2018/19, which begins July 1, from 5.5 percent in FY 2017/18", the report said.