CURRENT AFFAIRS

Detailed explanation-1: -Estimated regional growth remains robust but slowed in 2018 to 5.9% and is expected to slow further to 5.7% this year and 5.6% in 2020. Minus the newly industrialized economies, regional expansion at 6.4% in 2018 is envisaged softening to 6.2% this year and 6.1% in 2020.

Detailed explanation-2: -After slowing from 6.2% in 2017 to 5.9% in 2018, growth decelerated further to 5.4% in the first half of 2019 in the economies of developing Asia that release quarterly GDP data. Exports and investment faltered in many economies across the region, leaving private consumption as the main support for continued growth.

Detailed explanation-3: -After the strong rebound of 6.5 percent posted in 2021, growth in Asia and Pacific is expected to moderate to 4.0 percent in 2022 amid an uncertain global environment and rise to 4.3 percent in 2023.

Detailed explanation-4: -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-5: -East Asia’s growth forecasts are revised down to 2.9% in 2022-due to the mobility restrictions in the People’s Republic of China plus deep contraction in Hong Kong, China-and down to 4.0% in 2023.