'The countries that have resisted recessionary forces better than others are those where the domestic market plays a more important - and increasingly growing - role in total demand, such as China, India and Indonesia.'

The gross domestic product had increased 6.7 percent in 2008-09 and the Reserve Bank of India (RBI) in its quarterly review of monetary policy had pegged the economy to grow by 6 percent in the current fiscal, with an upward bias.

The report also said that world trade is set to shrink by a considerable 11 percent in 2009 owing to lower demand by producers for raw materials and unwinding of speculative positions by financial investors in primary commodity markets.