In India, the recently introduced GST as well as weak corporate and bank balance sheets resulted in modest economic growth, but signs of recovery emerged in the second half of 2017, says UN report. In India, the recently introduced GST as well as weak corporate and bank balance sheets resulted in modest economic growth, but signs of recovery emerged in the second half of 2017, it said. “The recently introduced GST as well as protracted issues of corporate and bank balance sheet problems pushed the growth rate of India downward” in 2017, it said. If it does not effectively address that challenge, India will continue to face weak private investment and modest economic growth,” it said. “With regard to the medium-term outlook, potential economic growth is on a downward trend in several countries owing to population ageing, slower capital accumulation and modest productivity growth,” said United Nations Under-Secretary-General and ESCAP Executive Secretary Shamshad Akhtar.

Source: Mint May 08, 2018 06:45 UTC