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World Bank downgrades India growth forecast

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World Bank revises down Turkey’s 2017 growth projection

World Bank revises down Turkey’s 2017 growth projection*/

– ECONOMICS > World Bank revises down Turkey’s 2017 growth projectionAP photoThe World Bank revised down its global and regional economic growth projections for 2017, including that of Turkey, in its Global Economic Prospects report published on Jan. 10.Turkey’s growth expectation for 2017 was revised down to 3 percent, from 3.5 percent, following last summer’s failed coup attempt and deteriorating business conditions.“Downside risks to the outlook increased compared to June, reflecting political uncertainty and financial market volatility,” the report said regarding Turkey.“If geopolitical and domestic political tensions delay the implementation of necessary reforms and discourage investment, long-term growth prospects would also be adversely affected,” the bank warned.The report also stressed that Turkey needs to narrow its current account deficit by reducing its energy imports through higher investments in this sector.“Annual energy investments of $12 billion are required to meet the country’s development goals, to diversify the sector … Turkey plans to increase renewable sources of energy, including nuclear, and improve energy efficiency.From 2014 to 2018, total infrastructure investment needs are estimated at $350 billion,” it added.The bank said it expects global growth to be 2.7 percent in 2017 from the previous year.This projection, however, is lower than its previous estimate on June 2016, which was 2.8 percent.“Stalling global trade, weak investment, and heightened policy uncertainty have depressed world economic activity,” the report said.The bank also anticipates emerging countries to grow by an average of 4.2 percent this year, which is lower than its previous projection of 4.4 percent.Economies in advanced countries are anticipated to grow by an average of 1.8 percent in 2017, which was previously projected at 1.9 percent in June.“Advanced economies continue to struggle with subdued growth and low inflation,” the report noted.The U.S.’s growth projection for this year was kept unchanged at 2.2 percent, but the bank stated that President-elect Donald Trump’s proposed policies could drive this higher.“The large reductions in corporate and personal income taxes suggested by the new administration could … increase both U.S. GDP growth and global growth,” it said.
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World Bank downgrades India’s growth forecast after demonetisation

World Bank downgrades India's growth forecast after demonetisation*/

– The World Bank has downgraded the Indian economy’s growth forecast as sharp falls in the country’s automobile and real estate sales flagged the short-term impact of recalling India’s two most-used bank notes.The Washington-based financial institution predicted India’s economy would grow by a “still robust” 7% in the fiscal year to March 2017 – a 0.6% drop from its earlier forecast but still the fastest rate of any major economy in the world.It attributes the fall to November’s decision to recall all 1,000 and 500 rupee currency bills from circulation, a surprise demonetisation move intended to weed out untaxed wealth, hasten the digitisation of India’s economy and disrupt terrorist and other criminal networks.
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World Bank downgrades India growth forecast

World Bank downgrades India growth forecast*/

– Conor Coyle | Sharecast | 11 Jan, 2017 17:13 | | |The World Bank has reduced the Indian economy’s growth prospects for the fiscal year to March 2017 by 0.6% from previous forecasts – although at 7% the country is still expected to see the quickest expansion in the world.The decision to lower the forecast was based on the Indian government’s action to recall 1,000 and 500 rupee bank notes.India decided in November that it would be getting rid of the notes in an attempt to cut out criminal activity and bring the country’s economy towards a more digitised form.
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World Bank ups Japan growth projection, cuts global forecast

World Bank ups Japan growth projection, cuts global forecast*/

– Jiji Press WASHINGTON (Jiji Press) — The World Bank upgraded its projection for Japan’s real growth in 2017 to 0.9 percent on Tuesday, from 0.5 percent estimated as of June 2016, while cutting the global growth forecast by 0.1 percentage points to 2.7 percent.The upgrade for Japan reflected anticipated effects of a consumption tax hike postponement and a new fiscal stimulus package, according to the World Bank’s latest Global Economic Prospects report.The bank, at the same time, mentioned the possibility of Japan’s economic growth being constrained by a shrinking and aging labor force and policy uncertainty in the United States under the administration of incoming President Donald Trump and in major European countries where elections will be held this year.
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Post demonetisation, World Bank cuts India’s growth rate to 7 per cent : India, News

Post demonetisation, World Bank cuts India's growth rate to 7 per cent : India, News*/

– Highlights 1 ‘Make in India’ campaign may back India’s manufacturing sector: World Bank report.2 Benefit of demonetisation in medium-term may be liquidity expansion in banking system.3 Cash accounts for more than 80 per cent of the number of transactions in India.
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India’s GDP growth in 2016 17 came in at 7.1%, in line with the official estimate picture-12865-310x165

India’s GDP growth in 2016-17 came in at 7.1%, in line with the official estimate

India’s GDP growth in 2016-17 came in at 7.1%, in line with the official estimate. …