New Delhi: Emerging market economies like China and India, which have been growing much faster than the US, Europe and Japan, are expected to witness even sharper jump in the coming years, says a PwC report.

Key markets showing positive growth also include Indonesia, Turkey, Poland, Egypt and Bangladesh. Besides, Iran too is expected to witness a steep jump in growth following the easing of economic sanctions, it said.

The report said that from this year onwards, growth markets including India are expected to see the dawn of a new era and despite the recent turbulence, these markets will still account for the majority share of global growth over the next five years.

Regarding India, the report said that policy reforms are leading the way for growth momentum. "Ongoing policy reforms in many growth markets, including India, are further opening doors to new opportunities for private sector firms, and are expected to significantly boost economic growth in the medium to long term," said the PwC report, "Winning in maturing markets".

It further said that several initiatives launched by the government since 2014 have aimed at improving business conditions for the private sector, including domestic and foreign players, established fi rms and entrepreneurs and is on the verge of implementing a landmark tax reform to introduce a uni- fi ed value-added tax structure in the country.

"With the Central government focused on pushing policy reforms to contain fiscal deficit, for ease of doing business in India, and expansion of the tax base alongside improvements in the macro environment, we can expect market recovery to gather momentum in the year ahead," PwC India Advisory Leader Deepankar Sanwalka said.

The report noted that the "building blocks" for a sustainable economic revival are in place for perceptible changes on the ground in the days to come. 

Comment