United Nations, Apr 15: The rate of world economic growth is expected to go up to 3.7 per cent up from last year's 2.6 per cent but a slowdown is forecast in the second half of year leading to decrease in growth to 3.4 per cent next year. The projections were given today by 100 leading economists from 60 countries now meeting at the United Nations.
The growth for India is projected to come down from 6.5 per cent last year to 6.3 per cent this year and to 6.1 per cent next year. China too is expected see downward trend with its growth declining from 9.5 per cent last year to 8.5 per cent this year and 8.2 per cent next year.
The economists are meeting under project link, a non- governmental international research group, that integrates independently developed national economic models into a global projection. It is jointly coordinated by the UN's Department of Economic and Social Affairs and the Project Link Research Centre at the University of Toronto.
Link anticipates annual growth of better than 4.5 per cent in 2004 in the US, moderating to a little over 3.5 per cent in 2005. The growth in Japan is projected to be a little over 3 per cent in 2004, and then easing off to 2 per cent in 2005.
But the rate of growth in Europe is expected to rise to almost 2.5 per cent next year from this year's figure of slightly below two per cent.
Bureau Report