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ADB cuts India’s GDP growth forecast for FY23 to 7% on high inflation & monetary tightening

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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