In a recent report released by World Bank on April 15, 2018, the bank stated that Indian economy recovered from the impacts of two major decisions: Demonetisation and GST. India had devalued Rs.500 and 1000 notes in November, 2016 and applied new uniform tax regime GST on July, 2017.
World Bank’s Bi-annual South Asia Economic Focus Report
In the report World Bank mentioned that India’s economy is now projected to grow in 2018 and 2019 by 7.3% and 7.5% respectively. Due to this growth, South Asia region once again will become world’s fastest growing region. The whole south Asian region growth is expected to be 6.9% in 2018 and 7.1% in 2019.
However report also show a concern regarding job creation in India according to economy growth. In report it was stated that job creations in India is lower despite of economy growth. India must create 8.1 million jobs per year to maintain its employment rate.
World Bank: World Bank is one of the largest financial institution of world. Its main function is to provide loans to countries all over the world for capital projects. Its goal is to lower down world poverty.
The bank was founded in July 1945 with its headquarter at Washington, D.C., U.S. It comprises of two major organizations : International Bank for Reconstruction and Development (IBRD), and the International Development Association (IDA). It has 189 countries as its member under IBRD and 173 countries as members under IDA.
Current President of World Bank is Jim Yong Kim.