OECD Economic Outlook: Indian Economy Growth Slows to 8% in 2006

The Organization for Economic Cooperation and Development (OECD) trimmed its 2007 global growth forecast for all 30 of its mainly industrialized member countries to 2.5% -- the lowest rate since 2003 -- from its previous prediction of 2.9%. Here is a summary of OECD growth forecasts for India: 
  • Indian economy grew very rapidly at the beginning of fiscal year 2006 (April 2006 to March 2007), expanding by close to 9%, after rapid growth during the previous year. 
  • Some signs of overheating have emerged: inflation has picked up to over 6% and the current account moved into a deficit of 1.3% of GDP in fiscal year 2005 and is likely to widen somewhat in fiscal year 2006. 
  • Agricultural output may weaken slightly bringing growth down to 8% in fiscal year 2006.
  •  In 2007 and 2008, the effects of the current tightening in monetary growth should be felt, slowing growth to 7% by the end of the projection period and ensuring that inflation moderates slightly, to around 5%. 

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