U.S. economic growth may be accelerating in the second half of 2023, defying earlier recession forecasts and leading to a repricing of long-term inflation and interest rate assumptions.
Nigeria's economy experienced faster growth in the second quarter of 2023, driven by the services sector, although the growth rate was lower than the previous year due to challenging economic conditions.
India's economy is experiencing consistent growth, and is predicted to become the fourth-largest economy within 18 months and the third-largest by 2028, driven by strong fundamentals and infrastructure development, while successfully reducing poverty; however, further reforms in areas such as patents, judicial, administrative, and process reforms are needed to boost economic growth.
Tamil Nadu's economic growth has reached 8% in the post-COVID-19 years of 2021-22 and 2022-23, with the state's Gross State Domestic Product (GSDP) growing at constant prices, surpassing the national average.
India's economy grew at its fastest pace in a year in the April-June quarter, driven by services and manufacturing, though economists warn of a slowdown ahead due to factors like rising food prices and slowing global growth.
India's GDP grew at a rate of 7.8% in the April-June period, fueled by a strong services sector and government infrastructure spending.
Economists at Nomura and Morgan Stanley raise their growth forecast for India's fiscal 2024 after the economy grew at its fastest pace in a year in the April-June quarter, while BofA Global Research cuts their estimates as quarterly growth falls below their forecast.
India's GDP growth reached a four-quarter high of 7.8% in Q1FY24, with private consumption and services picking up pace, but challenges lie ahead with the sustainability of services growth and concerns over the monsoon and agriculture sector.
India's services industry experienced a slight slowdown in August, but overall conditions remained strong with record-high exports, indicating that the country will continue to be the fastest-growing major economy.
India's economic rise is seen as inevitable due to factors such as a consumer boom, context-appropriate innovation, a green transition, a demographic dividend, access to finance, major infrastructure upgrades, policy reforms, geopolitical positioning, and a diaspora dividend, although challenges such as unbalanced growth, unrealized demographic potential, and unrealized ease-of-business and innovation potential still need to be addressed.
India's industrial output rose 5.7% in July, its fastest pace in five months, driven by strong mining and electricity activity, but high inflation and slowing pent-up demand may hinder future growth.
India's economic growth is estimated to be closer to 7.5%, with the country's first quarter growth at 7.8%, reflecting India's increasing stature in the world.
China's economy has entered deflation territory and the debt crisis has worsened, while India's economy is thriving with GDP growth expected to exceed 7% and unemployment rates at a 12-year low; it is predicted that India will surpass China in per capita income by 2044 due to factors such as female education expansion, labor force growth, and higher total factor productivity growth.
India's Finance Minister, Nirmala Sitharaman, is hopeful that the country can achieve its target of 10.5% nominal economic growth this fiscal year, and is prioritizing growth over taxing diesel vehicles.
/cloudfront-us-east-2.images.arcpublishing.com/reuters/ZDOYVUYJRVMWBHWFPBOCK3QPJY.jpg)