[full article at http://www.timesofindia.com/today/20indi6.htm ] India will continue its growth trend: UNCTAD The Times of India News Service NEW DELHI: The Indian economy will continue its growth momentum this year on top of a near 7 per cent growth in 1999 achieved despite a sharp slow-down in agriculture, UNCTAD projected on Tuesday. The 2000 Trade and Development Report of UNCTAD, however, has pointed out that fiscal imbalances will continue to be a ``cause for concern'' in India. The report noted that the economic performance of the countries in South Asia in 1999 was mixed. The acceleration in GDP growth from 4.5 per cent in 1998 to 6 per cent in 1999 for South Asia was primarily a reflection of the ``strength'' of the Indian economy. The acceleration in growth in India was accounted for by industry and services, where faster growth more than offset the sharp slowdown in agricultural growth to less than 1 per cent from 7.2 per cent in the previous year. The poor agriculture growth was mainly due to erratic monsoon in some areas and serious damage caused by the cyclone that struck Orissa coast in October 1999, it said. The report said the economies of developing Asia turned strongly upwards in 1999, growing on an average by more than 5 per cent. ``The big economies of China and India continued to sustain their above- average performance, but it was the sharp recovery in East Asia which attracted most attention,'' it said. The rebound in South Korea was spectacular. Malaysian growth reached double-digit figures in the first month of 2000. While balanced growth is expected in 2000, there remain downslide risks for some countries like Indonesia in the region.
