The United States' ability to reach what economists call "escape velocity," which is the ability of a slow-moving country to finally hit a durable recovery, is extremely important to the recovery of the global economy, Reserve Bank of India Governor Raghuram Rajan told CNBC Thursday.
"We're all hoping that the U.S. is there. Unfortunately, every year at the beginning of the year we think the U.S. is going to grow 3.5 percent. By the end of the year, it's down to 2 [percent]. We're thinking again next year will be 3.5. Let's hope it does happen," Rajan said in an interview with "Closing Bell."
Concerns about the world economy, along with expectations over how monetary policy will react to events, are the reason for the recent market volatility, he said.
"Big parts of the world economy are not growing, even while the U.S. is picking up. So the question is can the U.S. lift them out? What does monetary policy in the U.S. do if the U.S. is one of the only places strengthening?" he said.