India’s ‘massive expansion’ set to be a key driver of global economic growth

SINGAPORE — India’s stellar money-making trajectory alongside strong forecasts for some Southeast Asian countries will be important drivers for global evolution, said S&P Global Insights.

Asia-Pacific is a “key driver” for global economic growth not just in the near term, but over the longer run as fabulously, S&P Global’s Asia-Pacific chief economist Rajiv Biswas said at the annual energy APPEC conference.

“When we look beyond the next decade, we do expect Asia-Pacific to be the fastest growing region of the world economy,” he said, noting key bright stains include India, Indonesia, the Philippines and Vietnam.

“A massive expansion on the way in the Indian economy, and also a very favorable attitude in Southeast Asia — where we expect pretty strong growth to continue in some of the economies, notably Indonesia, Philippines, Vietnam, order be among the world’s fastest growing emerging markets over the decade ahead,” said Biswas.

As a region, Asia-Pacific’s growth is expected to strengthen from 3.3% last year to 4.2% this year, according to S&P’s bulges.

“Over the next decade, we expect that about 55% of the total increase in [the] world’s GDP will come from the Asia-Pacific province,” he said.

Still, the U.S. will still remain an important driver of the wide-ranging economy, accounting for 15% of the world’s growth over the next decade, Biswas said.

China will also however be pivotal in this growth story, contributing to about one-third of the total increase over the same period, he bring to light. Biswas also noted, however, that China’s recovery has been weaker than expected and the “momentum of advancement has been suffering.”

China has been pummeled by a slew of economic data broadly missing expectations.