In its latest Global Economic Prospect report – which is released every six months, the World Bank marginally reduced India's growth rate – 0.2 percent in 2015 and 0.1 percent in both 2016 and 2017.

However, India continues to be the bright spot of the global economy as Chinese growth is projected to slow further.

India, the dominant economy in Asia, is projected to grow by a robust 7.8 percent this year and 7.9 percent in the next two years.

The World Bank estimates that China grew at an estimated 6.9 percent in 2015 (0.3 per cent less than its June projection).

According to the report, China is estimated to grow at 6.7 percent in 2016 and 6.5 percent each in 2017 and 2018.

India's currency and stock markets were largely resilient over the past year, even during bouts of volatility in global financial markets, the report said.

Reserve Bank of India, it said, has rebuilt reserves while net FDI flows have remained positive.

Pakistan (on a factor cost basis) is expected to accelerate to 4.5 percent, the report said.

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