Unctad lowers growth
08 Sep 2009
The United Nations Conference on Trade and Development (Unctad) yesterday projected a much lower growth of 5 per cent for India in 2009, though it predicts 7.8 per cent growth in Chinese economy.
''Even economies such as those of China and India are slowing significantly compared to previous years,'' noted Unctad's and Development Report, 2009 released yesterday.
"The depth of the recession has been so important that of course there will be a rebound ... but we still do not see that this is a real recovery," said Supachai Panitchpakdi, secretary general of Unctad.
''The leading economies in East and South Asia - in particular China and India - have resisted recessionary forces better than others because their domestic markets play a more important, and increasingly growing, role in total demand,'' the report noted.
Despite some "green shoots" of economic recovery, "the economic winter is far from over," the report added.
"The Chinese government had made the economic policies properly as China experienced a positive growth in GDP in the first half of the year, albeit she was also affected by the global financial crisis," Panitchpakdi noted.