World Bank has presented a report titled ‘Globalization Backlash.’ According to the report, India’s gross domestic product (GDP) is expected to get a hike. The current figure is 6.8%, which is now expected to rise to 7.2% for the financial year 2017-18. World Bank was created during the Breton Woods Conference in 1944. World Bank’s headquarters is situated at Washington DC. World Bank’s official goal is to reduce poverty. It provides loans to developing countries for capital programs.
Facts related to World Bank and Globalization Backlash Report:
- The fiscal, inflation and external conditions in India are expected to remain stable.
- India’s economic growth will rise gradually to 7.7 percent in 2019-20.
- The growth will be underpinned by a recovery in private investments.
- India continues to grow tremendously despite certain weakness in private investment and static external demand.
- Demonetisation did, in fact, slow the growth modestly, according to the report.
- It expects that inflation would stabilize with the support of favorable investment climate and structural reforms.
- The agency’s report highlights on the economic climate in South Asia and says that South Asia will remain as the fastest growing region in the world.
It has also observed that strong performance shown by the region’s eastern part particularly India, Bhutan and Bangladesh has outfaced disappointing world growth in the year 2016.