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

In Asia

Rowing boats on the holy river Ganges in India.

Frank Bienewald | Lightrocket | Getty Images

SINGAPORE — India’s stellar economic trajectory alongside strong forecasts for some Southeast Asian countries will be important drivers for global growth, 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 well, S&P Global’s Asia-Pacific chief economist Rajiv Biswas said at the annual energy APPEC conference.

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

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

India’s very robust actually… the momentum in the economy looks really quite strong at the moment.

Rajiv Biswas

Global Asia-Pacific Chief Economist at S&P Global

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 projections.

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

Where does this leave the U.S. and China?

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

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