World Bank Chief Economist Kaushik Basu on Sunday said – the US and India are the engines of the global economic growth amidst the financial slowdown all over the world. India is anticipated to remain among the fastest growing major economies, he further added.
Addressing the 98th annual conference of the Indian Economic Association (IEA) here, Basu said, “This is a very critical time to have the conference on economy. Global growth is sluggish. The world economy is expected to grow barely by 2.5 per cent.”
He noted that among BRICS countries, only India and China have a healthy growth rate near 7 percent, on the other hand, Russia’s economy is shrinking, Brazil’s GDP is on the negative trajectory and South Africa is barely growing.
There is a slowdown in global trade going on and this would have an adverse impact on India. There is political conflict in the Middle East and a huge refugee problem that can have impact on us,” he said stressing on the need to bring analysis, research and professionalism to steer the economy in these risky times.