ADB (Asian Development Bank) has reduced India's GDP growth forecast for the financial year 2022-23 from 7.2 percent to seven percent. The Asian Development Bank has blamed higher-than-expected inflation for this. India's economy grew at a rate of 13.5% in the first quarter of the financial year 2022-23, compared to the same period last year, ADB said in a supplement to its flagship ADO report released on Wednesday.
ADB said in the report that GDP growth has been reduced from ADO 2022 forecast to 7 percent for FY 2022 (years ending March 2023) and 7.2 percent for FY 2023 (years ending March 2024). This has been revised upwards as a result of fears of an adverse impact on domestic consumption from price pressures and sluggish global demand. Along with this, higher oil prices are also likely to put pressure on net exports.
According to the ADO report, during this period, China's economy will expand at a rate of 3.3 percent in 2022 instead of the earlier forecast of 5 percent. The report said that the lockdown due to the strategy of zero Kovid, problems in the property sector, and weak external demand are impacting economic activity in China.
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