India is doing better than other economies: JP Morgan chief

November 5th, 2008 - 10:29 pm ICT by IANS  

New Delhi, Nov 5 (IANS) Indian economy will not be affected as badly as other countries by the global financial crisis as it has a strong growth record, Jamie Dimon, chief executive of financial services firm JP Mrgan Chase and Co, said.“India is doing far better than most other countries… Most important that you (India) might slow down a little bit but you have still a pretty good growth, so I don’t think it needs to do quiet anything like it has been done elsewhere,” Dimon said in an interview with NDTV.

He, however, said that the global economic scenario was alarming and the current crisis was “worst since the great depression” of 1930s.

Referring to the great depression, he said: “I don’t think it will go that bad but that will be the worst.”

With the three major economies - the US, Europe and Japan - facing downturn, Dimon urged the emerging economies to be prepared to deal with its consequences.

“The three 3 major economies in the world are slowing down… that it will have an effect on them (emerging economies),” he said.

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