Kuala Lumpur: Emerging economies can expand at a “reasonable pace” in the next four to five years even if the growth in developed nations is moderate, reports PTI quoting Planning Commission deputy chairman, Montek Singh Ahluwalia.
India’s economy is forecast to grow by 8.5% this year, he said in his keynote address at the World Capital Markets Symposium organised by Malaysia’s Securities Commission.
However, he expressed the hope that India’s gross domestic product (GDP) growth rate will go up to 9% in the near future. He said developing countries will be able to maintain strong economic growth rates, even though the primary drivers have slowed down.
Mr Ahluwalia also noted that India needed to pump in a lot more into its infrastructure development programme.
Commenting on the state of the world economy, he said that growth was anaemic and there were fears of a global slowdown. He noted that growth in the US, the world’s biggest economy, has been sputtering, but emerging markets were doing well.