A UN Agency says, Indian economy is likely to expand by 8.1 per cent in 2011, the fastest growth rate in the world after China. In its global release of Trade and Development Report 2011, the United Nations Conference on Trade and Development (UNCTAD) said the India economy will grow by 8.1 per cent in 2011, against to 8.6 per cent in 2010, despite down in developed nations and many other countries. According to UNCTAD, only China will surpass India. China is likely to register a growth of 9.4 per cent in 2011 compared to 10.3 per cent in 2010.UNCTAD's projection for India in 2011 is a tad lower than International Monetary Fund's forecast of 8.2 per cent growth. The government expects the Indian economy to grow by around 8.5 per cent in 2011-12, while the RBI has projected the GDP growth of 8 per cent this fiscal.The World Bank had in June said India's economy would expand by 8 per cent in 2011-12, while the Asian Development Bank projected a growth of 8.2 per cent during the current financial year. UNCTAD said the global economic growth in 2011 will slow down to 3.1 per, compared to almost 4 per cent last year and added that developing economies could be affected by recession in developed nations.The report has termed the present global financial turmoil as a wake up call for the international community and suggested financial reforms. It also suggested measures for restructuring of national banking systems and a stricter regulation of financial markets, including for commodity derivatives.