Nation's GDP to fall to 3.4 pc in 2009: Oxford Economics

NEW DELHI: Nation's economic growth rate is expected to fall drastically to 3.4 per cent this year, economic forecasting consultancy Oxford Economics has said.

According to Oxford Economics' forecast, India is expected to report a GDP growth of 3.4 per cent in calender year 2009, a drastic fall from the 9.2 per cent in 2007 and 7.4 per cent in 2008.

"As we enter the second quarter of 2009, the first indication, that the rate of decline of global output may be slowing, is becoming apparent," Oxford Economics said in a report.

Meanwhile, China, which reported a 13 per cent growth in 2007, is likely to grow 5.8 per cent in 2009. Though China is also expected to report a massive fall in GDP, it would not be as drastic as India's.

China yesterday said its economy in the first three months of 2009 grew by 6.1 per cent, its lowest growth rate in over a decade.

Emerging Asia is expected to grow by 1.5 per cent in 2009, the report said.

India recorded a growth rate of 9 per cent in fiscal 2007-08, which as per the Central Statistical Organisation's advance estimate of national income, is likely to moderate to 7.1 per cent during 2008-09.