Gradual economic recovery seen in India: UN ESCAP

New Delhi May 8 (IANS) A gradual economic recovery is seen in India as the corporate sector adjusts to GST and infrastructure spending improves said a UN report -- Economic and Social Survey of Asia and the Pacific -- on Tuesday.

"A gradual recovery is foreseen in India according to the report; with private investment being expected to revive as the corporate sector adjusts to GST infrastructure spending and corporate and bank balance sheets improving with government support " the United Nations Economic and Social Commission for Asia and the Pacific (UN ESCAP) said in a statement here.

As per the report the 2018 growth rate is expected to moderate in South and South-West Asia before picking up again in 2019.

"The annual Economic and Social Survey of Asia and the Pacific forecasts economic growth to moderate to 6 per cent in 2018 in South and South-West Asia (from 6.4 per cent in 2017) before picking up to 6.2 per cent in 2019 " the statement said.

"South and South-West Asia remains the fastest growing sub-region in Asia-Pacific according to the survey."

In addition the report pointed out that due to robust domestic demand and improved global economic prospects developing economies in the Asia-Pacific region are projected to grow by 5.5 per cent in both 2018 and 2019 with a slight moderation in China offset by a recovery in India and steady performance in the rest of the region.

--IANS
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