DHL gives India top ranking for growth in the ‘Big Seven’
- News Feed
- Tuesday, 20 February 2018
INDIA’s economy holds the brightest growth prospects of the world’s seven largest economies, according to results from the Global Trade Barometer (GTB) from logistics company DHL.
GTB analytics assigned India the highest growth indices of the seven countries assessed, due to strong and sustained increases in both air and ocean freight in and out of the country.
The country’s trade in machinery and high-tech goods continues to underpin its growth, while increased imports of industrial raw materials point to an extended period of trade development for the nation.
“More than any of the world’s largest economies, India’s major industries have displayed levels of resilience and growth that will buoy business confidence in the short-to-medium term,” said George Lawson, managing director, DHL Global Forwarding India.
“India’s economy has built up terrific momentum in recent times: Since 2008, its GDP has risen every single year to US$2.44 trillion last year, more than double the levels of a decade ago. As the country continues to invest heavily in infrastructure, we expect it to continue its upward trajectory for the foreseeable future.”
According to the GTB, businesses in India can expect ocean trade to further improve on already-high levels, largely thanks to demand for commodities and industrial materials from overseas.
Air freight demand is projected to remain stable at its current highs, sustained by growth in machinery and technology imports. Both India’s air and ocean freight forecasts proved stronger than those of any other country in the GTB -- in large part due to every major sector making a positive contribution to the country’s trade.
Developed jointly by DHL and Accenture, the GTB provides a quarterly outlook on future trade, taking into consideration the import and export data of seven large economies: China, South Korea, Germany, India, Japan, the United Kingdom and the United States. Together, these countries account for 75 per cent of world trade, making their aggregated data an effective bellwether for near-term predictions on global trade. The GTB, which assesses commodities that serve as the basis for further industrial production, predicts that global trade will continue to grow in the next three months, despite slight losses in momentum.
