ADB reduces India’s growth forecast to 7% for 2022-23

Tags: Economy/Finance

The Asian Development Bank (ADB) in its Outlook 2022 Supplement report released on 21 September 2022 has reduced India’s GDP growth forecast to 7% for the financial year 2022-23 from 7.2% projected in July 2022. 

The reasons cited by the bank for the lower GDP forecast are the rising inflation and tight monetary policy to be followed by RBI and sluggish global growth.

ADB is the latest financial organization which has reduced the growth prospect of India in the current financial year. 

Recently Fitch Ratings also reduced India’s growth rate to 7% from earlier projection of 7.8%

The Asian Development Bank also reduced the overall growth projections for Asia and the Pacific regions due to global challenges.

The report expects China to show an economic growth of 3.3 per cent in 2022.

IMPORTANT FACTS -

Asian Development Bank 

• It was set up in 1966.
• Its headquarters is at Mandaluyong City, Manila, Philippines 
• Total member countries : 68 
• President of ADB : Masatsugu Asakawa of Japan