Emerging giants India and China are leading the global economy on a '32-62-72' growth path, Standard Chartered Bank's Chief Economist has said -- using the numeric phrase for evolving economic size of the world.
Gerard Lyons, chief economist and group head of research, Standard Chartered Bank, says that much will depend on monetary and fiscal policies undertaken.
Economies the world over are facing different sets of challenges.
At a meeting of the Institute of International Finance, a global association of financial institutions, Standard Chartered Bank Chief Economist, Gerard Lyons, raised doubts over the Centre's projections of reducing fiscal deficit from 2010-11's estimate of 5.1 per cent. "I am skeptical whether fiscal deficit can be reduced as planned," he said.
With a view to tame the inflation -- 8.66 per cent in April -- the RBI has increased its key rates eight consecutive times over the past 12 months, the last being the higher-than-expected 50 bps hike on May 3.
Standard Chartered Bank has revised upward India's economic growth to 7 per cent during 2003-04, and said fiscal deficit was not a matter of concern as long as the high growth in GDP is sustained.
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