“With an expected growth of 7.5 % this year, India is, for the first time, leading the World Bank’s growth chart of major economies,” said Kaushik Basu, World Bank Chief Economist and Senior Vice President after the release of the latest Global Economic Prospects (GEP) report.
China is projected to grow at 7.1 % this year.
Developing countries are now projected to grow by 4.4 % this year, with a likely rise to 5.2% in 2016, and 5.4 % in 2017, the report said.
In China, the carefully managed slowdown continues, with growth likely to moderate to a still robust 7.1 % this year.
In India, which is an oil importer, reforms have buoyed confidence and falling oil prices have reduced vulnerabilities, paving the way for the economy to grow by a robust 7.5 %rate in 2015, the report said.
Basu said “slowly but surely” the ground beneath the global economy is shifting.