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Demonetisation effect transitory, says UN expert

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UN says, the demonetisation policy is not expected to have a long term impact on domestic demand in India. Dawn Holland, Senior Economic Affairs Officer, Global Economic Monitoring Unit, Development Policy and Analysis Division in the UN Department of Economic and Social Affairs said, the agency do not really see that the dynamics of India have shifted very much.

He was responding to a question on a UN report released yesterday which revised downward India’s economic growth forecast for 2017 but predicted an increased 7.9 per cent GDP growth next year.

The UN World Economic Situation and Prospects as of mid- 2017 report, launched in New York today, said India is projected to achieve a 7.3 per cent growth in fiscal 2017, a downward revision from the 7.7 per cent forecast for the year made when the report was launched in January.

The revised report projected that India will achieve an impressive 7.9 per cent GDP growth in fiscal 2018, revising upwards its January estimates when it had said India’s growth will be 7.6 per cent next year.

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