'India, China leading global economic recovery'

Posted By: Staff
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New Delhi, Sep 4: India and China have witnessed growth despite the global economic slowdown, Moody said that the world economy is starting to recover from the worst financial crisis led by these two Asian giants.

"The world economy is starting to recover thanks to renewed growth in China and India," Moodys' Economy.com said in a report.

For the Apr-June quarter, Chinese and Indian GDP stood at 7.9 and 6.1 per cent respectively. Apart from Asia, economies in the European, North American and Latin American regions too are showing signs of recovery.

"For now, though, the main story of recovery is in Asia, where China seems to have recovered from its hiccup in the early part of the year, thanks to a vigorous fiscal policy response, and seems like it may regain its pre-recession growth rate. India is a similar story," the report said.

The hopes of recovery was spurred when Germany, France and recently Japan reported marginal growth.

"The world economy will grow slowly in 2010 and gather speed in 2011, and most economies will not regain their pre-recession levels of employment and output until the end of 2012," Andres Carbacho-Burgos, who is an economist with Moody s Economy.com, said.

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