NEWS DETAILS

Date: 23/09/2022

GDP growth seen at 7 pc in FY23: ADB
 
Due to inflation and monetary tightening, this year’s growth forecast for India has been cut to 7 per cent from 7.2 per cent, according to the Asian Development Bank’s Asian Development Outlook Update. It also cut its economic growth forecast for China and lowered its outlook for developing Asia amid rising interest rates, a prolonged war in Ukraine and Beijing’s Zero-Covid policy. The region is seen expanding by 4.3 per cent this year. Excluding China, the rest of developing Asia is forecast to grow by 5.3 per cent this year. Developing Asia continues to recover, but risks loom large, as per a report.
 
Source: Exim News Service: Manila, Sept. 22