ADB projected India’s economy to grow at 7.5 percent in fiscal year 2013; To pick up up to 8 pcs in the next financial year

The Asian Development Bank on Wednesday projected a collective growth of seven per cent for South Asian economies in 2022, with the sub-region’s largest economy India expected to grow by 7.5 per cent in the current fiscal and to eight per cent next year.

Releasing its flagship Asian Development Outlook (ADO) 2022, the Manila-based multilateral funding agency said that growth in South Asia is projected to slow to seven per cent in 2022, before reaching 7.4 per cent in 2023.

The development dynamics of the sub-region is largely driven by India and Pakistan. “South Asian economies are collectively expected to expand by seven per cent in 2022 and 7.4 per cent in 2023, with India – the largest economy of the sub-regions – expected to grow by 7.5 per cent in this financial year (FY23) and by eight per cent in the next. have hope. financial year (FY24),” said the agency’s ADO report.

It said Pakistan’s growth is projected to be at four per cent in 2022 on weak domestic demand from monetary consolidation and fiscal consolidation, before rising to 4.5 per cent in 2023. ADB said economies in developing Asia are projected to grow 5.2 percent this year and 5.3 percent in 2023, thanks to a strong recovery in domestic demand and continued expansion in exports.

“However, the uncertainties arising from the Russian invasion of Ukraine, the ongoing coronavirus disease (COVID-19) pandemic, and tightening by the United States Federal Reserve pose risks to the outlook,” ADB Outlook said. Developing Asia comprises 46 member states of the ADB. By geographic group: Caucasus and Central Asia, East Asia, South Asia, Southeast Asia and the Pacific.

South Asia includes Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka. “Economies in developing Asia are gaining ground as they slowly emerge from the worst of the COVID-19 pandemic,” said Albert Park, ADB’s chief economist. However, geopolitical uncertainty and the new COVID-19 outbreak and virus variants could derail this momentum.

“Governments in the region will need to be vigilant and prepared to take steps to counter these risks. This includes ensuring that as many people as possible are fully vaccinated against COVID-19. Monetary officials should also continue to monitor their inflation position closely and not fall behind the curve,” Park said.


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