India's gross domestic product (GDP) is expected to grow by 7.7 percent in 2012 and 7.9 percent in the following year as compared to the estimated 7.6 percent in 2011, the United Nation's department of economic affairs said Tuesday.
"The prospects for world economy are not good. The US and European economic growth will slow further," said Nagesh Kumar, chief economist of the United Nations Economic and Social Commission for Asia and the Pacific.
Kumar said strong domestic demands and high savings rates would help India maintain its current level of growth momentum despite the adverse impact from the slowdown in the US and European economy.
According to the UN's annual economic report titled "World Economic Situation and Prospects 2012″, the world economic growth will fall to 2.6 percent in 2012 as compared to the estimated 2.8 percent in 2011 and 4 percent in 2010, mainly because of the slowdown in the US and European economies.
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