ADB raises India GDP forecast by 11%

28 Apr ADB raises India GDP forecast by 11%

( GS PAPER-3, REPORTS

SOURCE – THE HINDU)

Context:

Recently The Asian Development Bank has released its Asian Development Outlook, 2021. According to its report, India is to grow at 11%. The outlook is saying that ADB has provided financial support of 1.5 billion USD to India to fight against COVID-19

Key Findings of the report-

• According to findings of ADB, South Asia is expected to rebound at 9.5% in 2021. The South Asian region contracted by 6% in 2020.
•  The growth of the region will moderate to 6.6% in 2022.
•  The report highlights that the economic growth of Asia is to rebound at 7.3% in 2021. 
• The region is facing a contraction of 0.2% in its growth in 2020. In 2022, its growth rate is to be 5.3%.
• The countries such as China, Hong Kong, Singapore, and Taipei are expected to meet an increased growth rate of 7.7% in 2021 and 5.6% in 2022. 
• The report has classified these countries as newly industrialized countries.
• The GDP of East Asia is expected to grow at 7.4% in 2021 and at 5.1% in 2022

-Khyati Khare

Download Daily Current Affairs of 28th April 2021