China, India will lead global growth this year: study

Amid the eurozone's debt crisis and high unemployment in the United States, emerging economies will lead growth in 2013, according to a report by the assurance, tax and business consultancy firm Grant Thornton report released on Wednesday.

Growth rates in and around Europe look weak over the next 12 months with an expected expansion of 0.2 per cent in the eurozone and 1.1 per cent in the United Kingdom, according to Grant Thornton's quarterly International Business Report.

Economic growth in the United States remains weak and unemployment high. On the other hand, growth rates in China are expected to pick up to 8.2 per centin 2013 from 7.8 per cent, while India is expected to quicken to 6.0 per cent and Brazil to grow 4.0 per cent.

Business optimism in Brazil, Russia, India and China, known as the BRIC countries, increased in the fourth quarter of last year.

The survey of 3,200 business leaders in 44 countries found that optimism in the BRIC economies, all deemed to be at a similar stage of newly advanced economic development, has increased to 39 per cent in the last quarter of 2012 compared with 34 per cent year earlier.

Emerging markets in Asia Pacific (excluding Japan) also saw an uptick in business optimism, while optimism in North America decreased during the same period.