Top 10 Fastest Growing Major economies In The World 2024: India Beats US, China In This Ranking! Check List
Top 10 fastest growing major economies 2024: Which are the top 10 fastest growing major economies in the world? This is one ranking in which India beats the United States of America and China! For the purpose of arriving at the list of the fastest growing major economies for 2024, EY has short-listed the world’s top 25 largest economies in the world by nominal GDP size. These economies have then been ranked in terms of the highest GDP growth rate for 2024 as projected by the International Monetary Fund (IMF) in its latest World Economic Outlook. We take a look at the top 10 fastest growing major economies in the world for 2024: (AI image) Key Points
Times Of IndiaUS President Joe Biden to travel to San Francisco to host APEC summit participants
President Joe Biden will emphasise the strength of the US economy, job-creating investments from APEC nations, and the US's role in driving global growth and innovation. With APEC economies representing over 2.9 billion people and 60% of the global GDP, this summit holds the potential for fostering inclusive growth and strengthening international ties. India's participation, invited by President Biden, is still pending confirmation. Key Points
Economic TimesWorld Bank says recoveries in Asian economies losing steam
Although Asian economies are expected to see growth of 5.1% this year, up from 3.5% last year, recoveries in economies excluding China will stagnate due to growing household debt and inflation pressures slow down consumer spending, dampening demand. The World Bank report also forecasts that China's economy has slowed down after the disruptions caused by the COVID-19 pandemic while other developing economies will see the worst of the pandemic recoveries in 2022, slipping back again in 2023. Key Points
Economic TimesAsian economic recoveries losing steam, says World Bank
Across the Asia-Pacific, economies are expected to grow at a 5.1% annual pace this year, up from 3.5% in 2022, the World Bank report said. Key Points
Hindustan TimesGDP growth in most countries neither sustainable, not inclusive: WEF study
A new report by the World Economic Forum has suggested that most economies are growing in ways that are neither sustainable nor inclusive, and are limited in their ability to absorb or generate innovation. The report, called the Future of Growth Report, calls for a new approach to economic growth that balances efficiency with long-term sustainability and equity, examining speed and quality together. Key Points
Economic Times
Global financial architecture needs to be altered to meet the fund requirements of emerging economies, say
The global financial architecture should permit resources to flow from developed economies to emerging markets, according to G20 Sherpa Amitabh Kant. Speaking at the Green and Sustainable Growth conference, Kant said there is an estimated requirement of $5-6 trillion of funds if one looks at both the advanced economies and emerging markets and their requirements for achieving the Sustainable Development Goals and of climate action. Key Points
Economic TimesGrowth of Asian emerging, developing economies to be credit strengths for many govts in APAC: S&P
S&P Global Ratings predicts that Asian emerging and developing economies will remain a credit strength for many governments in the region, with 19 out of 21 countries receiving a sovereign rating in the Asia-Pacific region having a stable outlook. The agency expects stable outlooks on most long-term foreign-currency sovereign ratings in the region, with few changes expected in the next year or so. Key Points
Economic TimesShaktikanta Das: Disinflation process likely to be slow, but economy remains among fastest growing in 2023
RBI Governor Shaktikanta Das has said that India's disinflation process is likely to be slow and protracted, despite CPI inflation reaching a two-year low of 4.25%. He believes India will remain among the fastest growing large economies in 2023. Key Points
mintClosing gender gap will solve global economic crises. But at this rate, it could take a century
Raising female participation in the workforce by 5.9 percentage points could help emerging markets grow their economies by around 8 per cent. Key Points
ThePrintPost-pandemic stimulus well managed by India: Study
RBI study reveals minimal impact of post pandemic fiscal stimulus on Indian inflation compared to major economies. Empirical analysis shows positive relationship between fiscal expansion and inflation, urging fiscal consolidation in India by 2025-26. Key Points
Economic Times
BRICS caught up with Goldman Sachs growth forecast a decade early, driven by India-China’s 25-yr streak
In his closing column, T.N. Ninan looks back at the forecast that the BRICS economies would overtake the US, Japan, Germany, UK, France, and Italy, and how far that prophecy has been fulfilled. Key Points
ThePrintIndia's recovery bright spot for global outlook: Nirmala Sitharaman
India's rapid post-pandemic recovery is a bright spot for the global growth outlook , according to Finance Minister Nirmala Sitharaman. However, she also acknowledged the challenges faced by emerging market developing economies attempting to balance sustainable growth with environmental objectives. Speaking in Japan at the G7's meeting of finance ministers and central bank governors, Sitharaman also urged the bolstering of multilateral development banks to resolve the debt crisis faced by vulnerable nations. Key Points
Economic TimesThe world is seeing huge transitions — these will reshape our approach to development: Achim Steiner
There is a great deal of interest in technological horizons now — its fair to say that digital will transform virtually every aspect of development. Think of our ability, as seen during the pandemic, to very swiftly use data, identify the most vulnerable people and establish a digital platform for cash transfers as an essential temporary income — there are realms of possibility now which didnt even exist until a few years ago. Key Points
Economic TimesIndia looks to build consensus at WTO to block non-trade issues
India is pushing for forging consensus with like-minded countries at the World Trade Organization in order to prevent entry of non-trade issues such as environment and sustainability into the trade negotiations. Brazil, China, Thailand and South Africa are some of the countries which could get affected and India will try to build a consensus with them. The move by advanced economies to impose green taxes has already made the developing and emerging economies wary of such moves. Key Points
Economic TimesTechnical Analysis: Nifty down, but not out
The US economy would eventually slow down and may enter a mild recession. India, on the other hand, would continue to grow at a robust pace and stand out among the larger global economies. Key Points
Financialexpress
RBI MPC Meet: Will RBI to keep repo rate unchanged at 6.50%? 5 points to note
The current repo rate is 6.50%, which was last updated on February 8, 2023. Since then the RBI decided to keep the rate unchanged. The last time the repo rate was changed from 6.25% to 6.50% in February 2023. Key Points
Business TodayIndia to be one of the rising stars in Asia: Nomura
Despite a slowdown in investment and consumption, coupled with global spillovers leading to disappointing GDP growth of 5.7% in 2024, it is going to be one of the fastest growing economies along with the Philippines in the region . The projection reinforces the popular view of a pause in policy rates by the monetary policy committee this week even as inflation worries continue. Key Points
Economic Times‘Time to seek fair, accountable action from developed nations’: Gautam Adani on climate action
A report by Climate Vulnerable Forum stated that India’s per capita emissions are at 2.93 tCO2 e/p, which is lower than the world’s average at 6.4 tCO2 e/p. Key Points
Business TodayIndia outpaces major economies in growth of intangible investments
This growth underscores India's expanding role in global innovation and intellectual property. The report released by the World Intellectual Property Organisation (WIPO) marks the first time data on intangible investment is available for India. Key Points
Economic TimesIMF lifts global growth forecast citing unexpected 'resilience'
International Business News: The IMF has raised its 2024 global growth forecast to 3.1%, citing unexpected resilience in major economies. The inflation outlook shifted, with advan Key Points
Times Of India
India poised to be third largest global economy by 2030 but rising population presents mounting challenges: S&P Report
In its report titled ‘Look forward Emerging Markets: A decisive decade’, S&P said emerging markets will play a crucial role in shaping the global economy over the next decade, averaging 4.06 percent GDP growth through 2035, compared to 1.59 percent for advanced economies. Key Points
Business TodayRBI likely to hold rates steady until at least July: Poll
India's economy grew a stellar 8.4% in the fourth quarter of 2023, the fastest among major economies. Inflation, which is still close to the upper band of the central bank's 2%-6% target, does not hint at an imminent rate cut. Key Points
Economic TimesChina central bank cuts benchmark lending rate to boost economy
The one-year rate was last lowered in August, while the five-year LPR had previously been reduced in June. Closely followed by markets, both rates are at historic lows. Tuesday's moves are aimed at encouraging commercial banks to grant more credit and at more advantageous rates. Key Points
Economic TimesCentral bankers' models need to increase emphasis on supply side: Shaktikanta Das
Macroeconomic models used by central banks so far have mainly focused on the demand side of the economy,'' Governor Shaktikanta Das told the 59th South East Asian Central Banks Governors' Conference held in Mumbai. Enough emphasis was not given on supply side factors. A better understanding of the supply side of the economy has become very important for conducting monetary policy more effectively. Key Points
Economic TimesIndia expected to grow 6.2 pc in 2024: United Nations report
New Delhi [India], January 5 (ANI): Economic growth in India is projected to reach 6.2 per cent in 2024, slightly lower than the 6.3 per cent estimate for 2023, amid robust domestic demand and strong growth in the manufacturing and services sectors, the United Nations’ World Economic Situation and Prospects 2024 report said on Friday. […] Key Points
ThePrint
Bon Appetit: Global chefs and restaurant companies are headed to Indian cities as consumers welcome new ta
As India becomes a prime market for global consumption of both goods and experiences, and as other economies face uncertainties, global chefs as well as big brands and international restaurant companies are headed to Indian shores, where the consumer is open to new tastes and trends, and ready to spend more than before. This internationalism in wining and dining is seen not just in Delhi and Mumbai over the past one year, but also in Tier-II cities. In 2024, this trend is set to grow only bigger. Key Points
Economic TimesMaybe not 70 hours, but Indians are among hardest workers in the world
Infosys co-founder Narayana Murthy recently stirred a debate by urging young Indians to embrace 70-hour work weeks. But data shows Indians are already among the hardest workers globally. Key Points
India TodayTrend line on India-UK FTA very positive, says High Commissioner Doraiswami
Indian High Commissioner to the UK, Vikram Doraiswami, has expressed optimism ahead of the 12th round of India-UK free trade agreement (FTA) negotiations in New Delhi. Officials on both sides are positive and keen to make necessary adjustments to reach a mutually beneficial pact. The bilateral trade partnership was worth around GBP 36 billion in 2022 and an FTA is set to significantly enhance the relationship. Out of the total 26 chapters in the proposed FTA, 19 have been closed, and investment is being negotiated as a separate bilateral investment treaty between India and the UK. Key Points
Economic TimesBlackRock says emerging markets have an edge over rest of world
BlackRock Inc.’s research arm is growing even more bullish on emerging markets, where central bankers are moving far faster than the Federal Reserve to reach a peak in their interest rate hiking cycles. Key Points
mintAsian banks are luring investors who think they’re a safer bet
A Citibank analysis of global financial conditions shows Asian financial markets have tightened less than in the US and most Asian currencies have gained ground against the US dollar. An index of financial stocks in the region, excluding Japan, has risen since March 10 — the day Silicon Valley Bank collapsed — compared with an almost 10% drop in the American banking index over the same period. Key Points
Economic Times
World’s riskiest markets stumble into crisis with dollars scarce
In some of the worlds most vulnerable developing nations, the situations on the ground are dire. Shortages of dollars are crimping access to everything from raw materials to medicine. Meanwhile governments are struggling with their debts as they chase rescue packages from the International Monetary Fund. Key Points
Economic Times