News:The Organization for Economic Co-operation and Development(OECD) has released its report titled Economic Outlook for South East Asia,China and India.
Key takeaways from the report:
- India’s gross domestic product(GDP) is projected to grow at 6.6% in 2020-24 lower than its 2013-17 average of 7.4%.
- The report said that India’s reliance on consumption will continue due to large informal labour share which indicates that there is room to strengthen the consumption base.
- It has also added that India must continue to focus on boosting the health of the banking sector while bridging the disparity in urban and rural infrastructure.
- Further,the report has said that India needs to improve its digital literacy and increase access to digital devices.
Report on ASEAN countries:
- Among ASEAN countries,Vietnam and the Philippines will remain as the growth leaders.
- The report also predicts that the emerging trade tensions between the US and China will affect emerging Asian market.
- The Organisation for Economic Co-operation and Development(OECD) is an intergovernmental economic organisation with 36 member countries
- It was founded in 1961 to stimulate economic progress and world trade.It is headquartered in Paris,France.
- India is not a member of OECD but has been a key economic partner.