ADB cuts India’s GDP growth forecast for FY23 to 7% on high inflation & monetary tightening – The Asian Development Bank (ADB) has cut India’s economic growth projection for 2022-23 to 7% from 7.2% earlier, due to the higher inflation and monetary tightening.
- ADO 2022’s forecasts are GDP growth is revised is 7 per cent for FY2022 (ending in March 2023) and 7.2 per cent for FY2023 (ending in March 2024).
- The ADB also predicts the Chinese economy will expand by 3.3 per cent in 2022 rather than the 5 per cent forecast earlier.
About Asian Development Bank (ADB) –
- Headquarters: Mandaluyong, Philippines
- Founded: 19 December 1966
- President: Masatsugu Asakawa
- Purpose: Social and Economic Development
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