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World|economy|June 1, 2019 / 03:25 PM
India loses place as world's fastest-growing economy

AKIPRESS.COM - India has lost its spot as the world's fastest-growing economy after it grew more slowly than expected in the first three months of 2019, BBC reports.

Official data showed the economy grew 5.8%, which is slower than the 6.4% growth registered by China, and down from 6.6% in the previous quarter.

It was the first set of figures since Narendra Modi secured a second election victory this month.

During his first term, India became the world's fastest-growing economy.

But the latest figures, which show the slowest growth rate in 17 quarters, mean India's growth rate has fallen behind China for the first time in nearly two years.

Economists had been expecting the economy to grow 6.3% in the first quarter.

The figures will put pressure on Prime Minister Modi's government and the central bank to provide stimulus to the economy through fiscal measures.

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