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According to a Reuters poll of economists showed that India will emerge as the fastest-growing major economy this year, but rising oil prices remains the biggest downside risk.

Key Findings:

“The over $2 trillion economies, which surpassed France recently to become the world’s sixth-largest economy, is expected to grow 7.4 percent in the fiscal year ending in March 2019 and 7.6 percent next, according to average forecasts in the latest poll of nearly 70 economists, taken July 19-24.            

Reuters poll expects China’s economy, the world’s second largest, to grow 6.6 percent this year.

Over 60 percent of 41 economists who answered an additional question on risks to the outlook said the recent rise in oil prices was the biggest threat, as that would increase the prospect for more interest rate hikes by the Reserve Bank of India.”