4 min read.Updated: 10 Mar 2016, 11:09 AM ISTAlok Sheel
Since the revival of external demand is uncertain, India's primary focus should be on leveraging domestic demand
Global growth has been tepid since the global financial crisis broke out almost 10 years ago, having declined from an average of 4.5% during the five years preceding the crisis to 3.5% over the past five years. Both advanced economies and emerging markets have suffered. Growing significantly faster than global gross domestic product (GDP) in the pre-crisis period on the back of global production chains, the extent of decline in global trade is particularly surprising, considering that the G-20 moved nimbly to forestall a cascading Smoot-Hawley type protectionist response that occurred during the Great Depression of the 1930s.
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