17 Sep 2015 15:26 IST

India to be fastest growing major economy over next 2 years: OECD

India's GDP growth forecast at 7.2% in 2015; global growth projections trimmed to 3%

India is expected to be the fastest growing major economy over the next two years, says a new report from OECD, a club of rich nations.

The main exception to the worsening picture among major emerging economies will be India, this Paris-based think tank said in its interim economic outlook report released on Wednesday.

OECD now sees India's GDP growth at 7.2 per cent in 2015 and 7.3 per cent in 2016, a tad lower than a projection of 7.3 per cent and 7.4 per cent respectively made in June this year.

In 2015, China is expected to grow by 6.7 per cent and at a slower rate of 6.5 per cent next year.

Brazil's economy is expected to shrink by 2.8 per cent in 2015 and an additional 0.7 per cent rate in 2016, OECD has said.

The outlook is weaker for many commodity exporting nations, said the report.

The Organisation for Economic Cooperation and Development (OECD) has now trimmed the global growth forecast to 3 per cent this year from the earlier projection of 3.1 per cent.

The rate of expansion next year is expected to be 3.6 per cent lower than the June estimate of 3.8 per cent.