India to achieve highest annual GDP growth rate of 7.9% over next 8 years: Harvard University’s study

In a report from the Center for International Development (CID) at Harvard University which estimates growth in emerging markets to continue to outpace those of developed countries, India is projected to achieve highest annual GDP growth rate of 7.9% over next 8 years. The country, overtaking its South Asian economic rival China is projected to record average annual growth rates of 7.9% over the next eight years, nearly double of China's 4.6% projected growth over the period. The Center’s economic complexity predictions revealed that India has an undisputed upper hand in growth, which would continue to expand into a widening gap in the medium-term, with growth predicted to be at 7.9% annually up-to 2023 well ahead of the 4.6% projected for China. CID's projections are also bullish on East Africa. Four East African countries -- Uganda, Tanzania, Kenya, and Madagascar -- rank in the top ten, with all predicted to grow at least 6% annually. Surprisingly, projections also favor Pakistan's potential, at 5.1% predicted growth, presenting a clear picture of South Asia and East Africa's positive growth outlook. Meanwhile, Southeast Asia also includes several high-growth countries, driven by its largest country, Indonesia, which is anticipated to grow at 5.2 percent annually to 2023.However, Harvard study asserted little optimism over the outlook for Europe and US, with the growth in world’s largest economy, United States predicted to be at 2.4 and major European players range from 2.3 percent in Italy to 3.7 percent in Spain.