India and China have replaced the United States and other developed countries as the new engines of global economic growth, International Monetary Fund (IMF) Managing Director Rodrigo Rato was quoted as saying on Tuesday.
New Delhi, Aug.1 : India and China have replaced the United States and other developed countries as the new engines of global economic growth, International Monetary Fund (IMF) Managing Director Rodrigo Rato was quoted as saying on Tuesday.
He said China would grow more than 11 per cent and India at about 9 per cent this year, with almost equal rates next year.
"For the first time, the largest contribution to global growth will now be made by China," Rato told a business conference in the Philippines.
"Looking ahead, we expect this pattern of growth to continue ... we expect China - and increasingly India - to grow in importance as engines of global growth," he added.
"Prospects in Europe and Japan remain good," Rato said, without giving specific figures.
ANI