BANKING AFFAIRS

Detailed explanation-1: -"India, the sub-region’s largest economy, is expected to achieve previous growth projections of 7.4 per cent in 2017 and 7.6 per cent in 2018, primarily from strong consumption, ” the supplement of Asian Development Bank (ADB) Outlook 2017 said.

Detailed explanation-2: -Growth is expected to edge up to 7.4% in 2017 and 7.6% in 2018. Growth in Southeast Asia is forecast to accelerate further. After rising 0.1 percentage points to 4.7% in 2016, growth will continue to improve to 4.8% in 2017 and 5.0% in 2018, with nearly all Southeast Asian economies showing an upward trend.

Detailed explanation-3: -ADB’s 7 per cent growth projection for fiscal 2022-23 (April 2022 to March 2023), unchanged from its September forecast, compares to 8.7 per cent GDP growth in 2021-22. For 2023-24, the GDP growth has been kept unchanged at 7.2 per cent.

Detailed explanation-4: -Three main headwinds continue to hamper recovery in developing Asia: recurrent lockdowns in the People’s Republic of China, the Russian invasion of Ukraine, and slowing global growth. Growth forecasts for the region are revised down from 4.3% to 4.2% in 2022 and from 4.9% to 4.6% in 2023.

Detailed explanation-5: -The Indian economy is set to grow at 7 per cent, said the Asian Development Bank (ADB) as it kept its outlook for India’s economic growth unchanged for the ongoing fiscal year. For 2023-24, the GDP growth has been kept unchanged at 7.2 per cent.