ADB: ADB lowers GDP growth forecast for FY23, now expects 7 percent growth instead of 7.2%

Posted on 21st Sep 2022 03:17 pm by rohit kumar

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.

 

Also Read: SBI: Big relief for SBI customers, bank waives SMS charges on mobile fund transfer

Other news

Kolkata Doctor Case: SC to hear rape-murder case today, apex court may expand the scope of judicial investigation

The Supreme Court will hear the case of rape and murder of a trainee doctor at Kolkata's RG Kar M

Shoaib said, will lift the World Cup in India: Taking the name of India, suppressed the pain of his defeat, yesterday Shami showed the mirror

Indian pacer Mohd on social media. After being trolled by Shami, Pakistani cricketer Shoaib Akhta

WTC Final: India reached the final of the championship because of Sri Lanka, not because of the performance in the fourth test

The Indian cricket team has reached the final of the World Test Championship. New Zealand won the

Israel-Hamas Conflict: Indian woman injured in Hamas attack on Israel, 10 Nepali citizens killed

An Indian woman is also among those injured in the Hamas terrorist attack on Israel. The woman is

The ongoing anti-hijab movement in Iran spread to the world, thousands demonstrated in Paris and London

In Iran, anti-hijab agitations continue after Mahsa Amini's health deteriorated and then died in

The Family Man 3: Manoj Bajpayee told when 'The Family Man 3' will be released, you will be happy to hear the date

The Family Man 3 Release Date: Manoj Bajpayee starrer The Family Man is one of the most popular I

Budget 2024: The school education budget increased by 19.56 percent, the higher education budget increased by 8 percent, UGC also got 9 percent more allocation

Budget 2024: The budget of UGC has increased to Rs 19,024 crore compared to Rs 17,473 crore in th

Lal Salaam Teaser: Rajinikanth's powerful action at the age of 73, this incarnation of Thalaiva would not have been seen before 'Lal Salaam'

Lal Salaam Teaser: A different level of craze has been created among the fans regarding South Ind

IndiaVsCanada: Instead of Justin Trudeau, it is believed- India must strengthen economic strength, relation

India has responded to Canada in its language in the ongoing diplomatic dispute between India and

Top 5 reasons for Team India's defeat: Economy of our five bowlers remained above 11, three catches were dropped; star batsman flop

Australia defeated India by 4 wickets in the first match of the three-match T20I series. Despite