India, China growth to cushion deepening recession: World Bank

September 12th, 2009 WASHINGTON - Union Minister for Road Transport and Highways Kamal Nath has sought World Bank's partnership for the development of highways in the country. The Minister met the World Bank President, Robert Zoellick at Washington DC on Friday and sensitized him about the critical role that National Highways and roads play in promoting inclusive growth in India.

August 10th, 2009 IMF: Romania in 'severe recession'BUCHAREST, Romania —Romania is in a "severe recession", with the economy contracting twice as much as predicted earlier this year, an International Monetary Fund official said Monday. Jeffrey Franks, the IMF's chief of mission to Romania, said the country would be allowed a larger budget deficit — equal to 7.3 percent of gross domestic product — to cope with the deeper-than-expected downturn in the economy.

July 27th, 2009 MUMBAI - The Reserve Bank of India (RBI), in its macro-economic report released Monday, said even though indicators pointed to an economic turnaround and business sentiment was looking up, delayed monsoon rain and continuing global recession could dampen growth. "While indicators such as the higher growth in core infrastructure sector, positive growth in IIP, more optimistic business expectations and forecasts could be viewed as signs of recovery from the slowdown, there are other factors which may dampen the growth outlook such as the delayed progress of monsoon, decline in exports due to the persistence of global recession," RBI said.

July 23rd, 2009 Canada's central banks says recession overOTTAWA — Canada's central bank is declaring the recession essentially over, saying Canada's economy will begin growing this summer after nine months of stagnation and lead most of the industrialized world next year. Bank of Canada Governor Mark Carney said Thursday the economy will grow this quarter.

July 8th, 2009 IMF raises Asia 2009 growth forecastBEIJING — The International Monetary Fund has raised its 2009 growth forecast for Asia's developing economies from 4.8 percent to 5.5 percent but cautioned that a sustained rebound will depend on recovery in developed economies. The Washington-based cited improved prospects for regional giants China and India.

June 22nd, 2009 WASHINGTON - Even as the "world is entering an era of slower growth" and "deepening recession", India's economy is set to expand 5.1 percent in 2009 and by 8.0 percent in 2010, the World Bank forecast Monday. Without India and China, which too is forecast to grow 7.2 percent followed 7.7 percent, the developing countries output would shrink 1.6 percent, the Bank said in its Global Development Finance 2009 report.

June 22nd, 2009 WASHINGTON/SEOUL - Most developing economies will slip into recession this year amid a global financial crisis that has prompted wealthy investors to pull their money out of projects for the poor, the World Bank warned Monday. The developing world will grow 1.2 percent this year after growing 5.9 percent in 2008.

June 22nd, 2009 World Bank cuts 2009 global growth forecastBEIJING — The World Bank has cut its 2009 global growth forecast, saying the world economy will shrink by 2.9 percent and warning that a drop in investment in developing countries will increase poverty. "The global recession has deepened," the Washington-based multilateral lender said in a report.

June 18th, 2009 BEIJING - The World Bank Thursday raised its forecast for China's annual economic growth to 7.2 percent, saying the country is posting "respectable" growth fuelled by the government's four-trillion-yuan ($590 billion) spending package. "While China's economy has continued to feel the brunt of the global crisis, very expansionary fiscal and monetary policies have kept the economy growing respectably," the bank said in a quarterly report on China.

June 18th, 2009 World Bank raises 2009 China growth forecastBEIJING — The World Bank is raising its 2009 growth forecast for China due to the country's stimulus-driven investment boom. But it also cautions that it is still too soon to say a sustained recovery is on the way.

April 26th, 2009 WASHINGTON - India Sunday proposed a three-point action plan, including a substantial increase in the World Bank's lending, to enable the developing world to recover from the worst recession since the Great Depression. 'Emerging market economies were not the cause of this crisis, but they are amongst its worst affected victims,' Ashok Chawla, secretary of the department of economic affairs, told the Development Committee of the Bank.

March 31st, 2009 WASHINGTON - As the global economy deteriorates sharply, the World Bank has projected a slower 4 percent growth for India in 2009, down from 5.5 percent in 2008, before picking up speed to reach 7 percent in 2010. World Bank estimates released Tuesday have reduced its November 2008 projection of 5.8 percent growth for India in 2009 rising to 7.7 percent in 2010.

March 19th, 2009 NEW DELHI - India may soon be allowed to export basmati rice to China, Commerce Secretary G.K. Pillai said here Thursday.

February 24th, 2009 KOLKATA - India's annual growth could go down to six percent or lower due to the economic recession, Nobel laureate Amartya Sen said here Monday. 'Of course, it could go down.

January 3rd, 2009 NEW DELHI - India, along with China, Russia and South Korea, would emerge stronger from the global financial crisis as they enjoy strong economic foundations, higher growth rates and sound monetary policy measures, according to an industry lobby survey. The study by the Associated Chamber of Commerce and Industry (Assocham), titled 'India and G20: Economic Fundamentals Amid Global Recession', said India ranked fourth among 20 advanced and emerging economies (G-20) in terms of seven key economic indicators.