The World Bank projected India' GDP, expected to grow at 7.3% in the fiscal year 2018-19, and 7.5% in the following two years. The Bank said India will continue to be the fastest growing major economy in the world. In India, the growth has accelerated, driven by an upswing in consumption, and investment growth has firmed as the effects of temporary factors wane, the World Bank said in its latest report. Domestic demand has strengthened as the benefits of structural reforms such as Goods and services Tax (GST) harmonization and bank recapitalization take effect. In 2018,China's Projection is 6.5 and 6.2% each in 2019 and 2020 and 6% in 2021, according to the January 2019 Global Economic Prospects report released by the World Bank. Strong domestic demand is envisioned to widen the current account deficit to 2.6 per cent of GDP next year. The World Bank's estimate suggest that India's potential growth rate is around 7%, and is expected to remain around 7%.
