'India, China have major role in global growth'

Written by: Super Admin
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Washington, Feb 5: India and China are playing a significant role in global economic recovery, a top International Monetary Fund (IMF) official said on Friday, Feb 5.

Kalpana Kochhar, Deputy Director, Asia and Pacific Department, said, "It's actually true, just by looking at the numbers and the weights that they have in the global economy."

She said, "When you have two relatively large economies growing at 7 per cent and 10 per cent, respectively, India and China, they are contributing quite a lot to global growth."

Kocchar noted that IMF forecast for global growth for next year is close to 4 per cent, of which advanced countries are only contributing less than 2 per cent.

"So the rest of it is in fact coming from emerging markets, and from within emerging markets, a large part from China and India," Kochhar said.

"It's a significant contribution that's coming from these two countries," she added noting India was one of the first countries to recover from the crisis.

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