ADB keeps India growth rate forecast at 7% for 2022-23

Tags: Reports Economy/Finance

The Asian Development Bank (ADB) in its latest report “Asian Development Outlook” Supplement December 2022 issued on 14 December 2022 has kept its forecast on the Indian economy growth rate for 2022-23 to 7%. In 2021-22 the Indian economy grew by 8.7%.

The ADB in its last report issued in September had forecasted the growth rate of 7% for the Indian economy in 2022-23.  The ADB expects India to grow by 7.2% in 2023-24.

According to the National Statistical Office (NSO), the Indian economy grew by 6.3% in Q2 (July-September) of the fiscal year 2022-23.

However in its recent Monetary policy statement the Reserve Bank of India had revised the Indian economy growth rate in 2022-23 to 6.8% from its earlier 7% forecast.

Other key points of the report

ADB expects the Asia Pacific region to grow by 4.2% in 2022 (January -December) and 4.6% in 2023. 

The South Asian region is expected to grow by 6.5% in 2022 and by 6.3% in 2023 due to slow down in the Bangladesh economy and flooding in Pakistan.

Asia’s largest economy China is expected to grow by 3% in 2022 down from its earlier forecast of 3.3%.

Asian Development Bank (ADB)

It is a regional multilateral financial institution which focuses on the countries of Asia and Pacific region.

It was set up after a resolution was passed at the first Ministerial Conference on Asian Economic Cooperation held by the United Nations Economic Commission for Asia and the Far East in 1963.

It started functioning from 19 December 1966 with 31 member countries.

At present it has 68 members—of which 49 members are from within Asia and the Pacific and 19 outside.

Japan is the largest shareholder of the ADB and a Japanese has always been the head of the ADB.

President of ADB: Masatsugu Asakawa 

Headquarters: Mandaluyong City, Manila, Philippines