15 April, Beijing
China’s annual economic growth has recorded a six-year low of 7.0 per cent in the first quarter. The National Bureau of Statistics said in the last quarter of 2014, China’s economy grew by 7.3 per cent on an annual basis.
On a quarterly basis, economic growth slowed to 1.3 per cent between January and March after seasonal adjustments.
On the other hand India’s immediate neighbour Pakistan stands at the bottom of eight economies in South Asia according to a World Bank report. The Spring 2015 edition of the World Bank’s South Asia Economic Focus states that the growth recovery is underway in Pakistan but this year it will only show moderate growth.
According to the report Pakistan’s economy is set to grow by 4.4 per cent in current fiscal year. The World Bank prediction is in line with that of International Monetary Fund and the Asian Development Bank that are also seeing around 4.3 per cent growth in Pakistan.
Meanwhile, International Monetary Fund in its latest World Economic Outlook said, that India will overtake China as the fastest growing emerging economy in 2015-16 by clocking a growth rate of 7.5 per cent. Even, the World Bank has predicted 8 per cent GDP growth rate of India by 2017.