CURRENT AFFAIRS

Detailed explanation-1: -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. ∎ East Asia’s growth forecasts are revised down to 2.9% in 2022-due to the mobility restrictions mentioned above plus deep contraction in Hong Kong, China-and down to 4.0% in 2023.

Detailed explanation-2: -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.

Detailed explanation-3: -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.

Detailed explanation-4: -The IMF, meanwhile, projects Vietnam’s to be the fastest-growing major economy in the region at 7 percent this year, while Thailand will bring up the rear at 2.8 percent.

Detailed explanation-5: -World Bank revises India’s GDP forecast to 6.9% for FY23 due to robust economic activities. The World Bank has revised India’s 2022-23 GDP growth forecast upward to 6.9 per cent from the earlier estimate of 6.5 per cent, due to robust economic activities according to Dhruv Sharma, Senior Economist at the World Bank.