Harvard’s Center for International Development has
released a report on growth projections up to 2024:
The report states:
“India tops the
global list for predicted annual growth rate for the coming decade, at 7.0
percent. This far outpaces projections for its northern neighbor and economic
rival, China, which the researchers expect to face a continued slowdown to 4.3
percent growth annually to 2024.
“India has made
important gains in productive capabilities, allowing it to diversify its
exports into more complex products, including pharmaceuticals, vehicles, even
electronics,” said Ricardo Hausmann, Professor of the Practice of Economic
Development at Harvard Kennedy School (HKS), the leading researcher of The
Atlas of Economic Complexity, and the director of CID.
Hausmann notes
these gains in economic complexity have historically translated into higher
incomes. “China has already realized many of these gains, doubling per capita
income in less than a decade. We expect that India’s recent gains in
complexity, coupled with its ability to continue improving it will drive higher
incomes, positioning India to lead global economic growth over the coming
decade,” Hausmann said.”