India is one of the fastest growing economies while China loses hold over its growth according to the World Bank‘s latest edition of the Global Economic Prospects.
India has been ranked 4th in the terms of growth of economy with 7.2% with rising export and growing government spending, according to the World Bank report.
On the other hand, China looks gradually slowing down when its comes to the growth in economy. The economic growth rate is China is anticipated to slow down to 6.5 percent this year and 6.3 percent in 2018.
“In India, recent data indicate an acceleration in growth, with an easing of cash shortages and a rise in exports. An increase in government spending, including on capital formation, has partially offset soft private investment.” said a World Bank official.
India is placed behind smaller economies like Nepal, Uzbekistan, and Estonia while the China has failed to secure its growth rate in top 15.
Although, China has recovered in exports and consumption patterns still influences like the policy uncertainty in the United States and Europe is likely to impact Chinese growth rate more adversely, according to the World Bank.