March 16, 2012
The NYT reported that India is seeing somewhat of a growth slowdown, telling readers that growth slowed from 9.9 percent in 2010, to 7.4 percent last year, and a projected 7.0 percent this year. It then added:
“while that is fast relative to developed countries, most economists consider it laggardly.”
Actually, 7.0 percent growth is fast relative to the growth rate in the vast majority of developing countries as well. For example, last year Argentina and Panama were the only countries in Latin America to achieve a growth rate in excess of 7.0 percent. While India can likely grow more rapidly than this, 7.0 percent is still an impressive growth rate by most standards.
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