New Delhi, Oct 18 (SocialNews.XYZ) India's economic progress over the past decade deserves recognition, with the country's sustained growth and improving economic standing offering reasons for optimism, according to top economist Kyunghoon Kim on Sunday.
In a post on social media platform X, Kim said that while India continues to face several challenges, its economic catch-up and medium-term growth prospects remain noteworthy achievements for a nation of 1.4 billion people.
"My conclusion remains the same: India faces many challenges, but its economic catch-up, especially over the past decade, and positive medium-term growth outlook are worth celebrating. For a country of 1.4 billion people, this progress matters enormously," he said.
The remarks come just a day after Kim highlighted India's impressive growth trajectory, noting that nearly all major global institutions, including the International Monetary Fund (IMF), Asian Development Bank (ADB) and World Bank, have recently upgraded their growth forecasts for the country to above 7 per cent for the current year and the next.
According to the economist, India's economy has displayed remarkable resilience since the Covid-19 pandemic. After contracting by 5.8 per cent during the pandemic, the economy rebounded by 9.7 per cent in 2021 and subsequently recorded growth of more than 7 per cent in each of the following four years.
Kim had earlier noted that many economists, including himself, repeatedly revised their forecasts upwards as quarterly GDP data consistently outperformed expectations.
He said this has resulted in five consecutive years of growth above 7 per cent, matching the strong run recorded between 2003 and 2007 when India first emerged as one of the world's fastest-growing major economies.
He also pointed out that the simple average annual growth rate of 7.83 per cent during 2021-2025 was the second-highest five-year average since 1960, marginally below the 7.89 per cent recorded during 2003-2007.
Highlighting the changing scale of India's economy, Kim said the country is operating in a vastly different economic environment today compared to two decades ago.
India's GDP, which stood at just over $1 trillion in 2007, is now approaching the $4 trillion mark, making a similar growth rate translate into a much larger absolute expansion.
Source: IANS
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