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

Weather Update Today: Landslides in Himachal Pradesh, Snowfall in Ladakh; Rain expected in 15 states including Bihar today

With the onset of monsoon, most of the states of the country are receiving heavy rains. The Meteo

Evlish Yadav: 'Bigg Boss OTT 2' winner Elvish Yadav broke his silence about his girlfriend, made a big disclosure on his love life

YouTuber Elvish Yadav is in the limelight after winning the trophy of 'Bigg Boss OTT 2'. Their de

IPS made a friend as Chief-Justice, and made phone calls to DGP: Called 50 times, DGP also ended the cases related to IPS

Bihar cadre IPS Aditya Kumar made his friend a fake Chief Justice of the High Court to end the ca

UGC: Nearly eight out of 10 Indians prefer to study abroad, claims report

Indian campuses of foreign universities: The University Grants Commission (UGC) unveiled draft no

CAG: Coastal security is not strong even after 14 years of the 26/11 terror attack, needs of Sagar Prahari are also incomplete

The country's Comptroller and Auditor General (CAG) has criticized the delay in safeguarding all

Be it Bangladeshi or Rohingya... now there is no mercy for intruders! Modi government is going to make a new immigration law.

The Union Home Ministry on Tuesday introduced the Immigration and Foreigners Bill in the Lok Sabh

PM Modi: Attacked after showing mock drill, Pakistan could not understand PM Modi's strategy this time too

On Tuesday night, Prime Minister Narendra Modi attended a news channel's conference. During this,

MSP: Punjab already has the full benefit of MSP, after Meghalaya the farmers of the state are the richest... so why the agitation?

Farmers have been agitating since February 13 for their various demands and the main demand is to

PAK Boycott Asia Cup: Pakistan packs its bags even without the boycott! Understand how easily

The difficulties of the Pakistan cricket team have increased in the Asia Cup 2025. After sufferin

Survey claims: The world is heading towards recession, yet central banks are increasing interest rates

While the global economies are heading toward recession, on the other hand, the central world is