Global Slowdown may not affect India, China

According to the International Monetary Fund (IMF), the Asian economies such as China and India would be able to survive even if there is a recession in the USA. The recession in the USA now seems imminent and the global slowdown has already affected markets across the world. It is feared that current economic slowdown may be worse than the Great Depression of 1929.

The IMF made it clear that emerging and developing economies have not been largely affected by financial market developments and will continue to grow at a rapid pace. India and China will lead the pack. The IMF expects 9.3 percent growth in China and 7.9 percent growth in India in 2008.