A United Nations world economy report today said India will be the world's fastest growing large economy at 7.3 per cent in 2016 and improving further to 7.5 per cent in the following year. The report said, the macroeconomic environment in India has improved, with the help of sharp decline in the prices of oil, metals and food. The reports also mentioned that consumer and investor confidence has risen even as India's government faces difficulties in implementing its wide-ranging reform agenda.The report titled World Economic Situation and Prospects 2016 was raised by the United Nations in New Delhi today. It said some economic indicators, such as industrial production, remain volatile. The report further said South Asia is expected to be the world's fastest-growing region in 2016 and 2017.