India to expand global economy to $72 trillion by 2030:World Bank

New Delhi, Dec 15 (UNI) Growing consistently at more than 8 per cent rate, India will expand the world economy to 72 trillion dollars with over 65 per cent share in global trade by 2030.

The country's globalisation will expand the global economy from 35 trillion dollars in 2005 to 72 trillion dollars, as the global trade in goods and services could rise more than three-fold to 27 trillion dollars by 2030.

A World Bank report on 'Global Economic Prospects 2007: Managing the Next Wave of Globalisation', roughly half of the increase in the trade is likely to come from developing countries like India that today supply 40 per cent, and by 2030 are likely to supply over 65 per cent.

''While this outcome represents only a slight acceleration of global growth compared to the past 25 years, it is driven more than ever before by strong performance in developing countries,'' said Richard Newfarmer, lead author of the report and Economic Advisor in the Trade Department.

The report said the average growth in developing countries will reach seven per cent this year, adding that in 2007 and 2008, it will probably slow down to over six per cent, still more than twice the rate in high-income countries, which is expected to be 2.6 per cent.

GDP in South Asia is estimated to have expanded at a very rapid pace of 8.2 per cent in 2006, India leading the way with an estimated 8.7 per cent growth, backed by non-agricultural growth in excess of 10 per cent, it said, adding that it is projected to slow gradually to 7.5 in 2007 and seven per cent in 2008.

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