CURRENT AFFAIRS

Detailed explanation-1: -In April, the multilateral funding agency had forecast that the Indian economy would grow by 7.5 per cent. The Asian Development Bank (ADB) on Thursday lowered the economic growth forecast for India for the current fiscal year (2022-23) to 7.2 per cent from 7.5 per cent projected in April.

Detailed explanation-2: -Developing Asia Outlook The 2022 forecast for Southeast Asia is upgraded from 5.1% to 5.5% on robust consumption and tourism recovery in Malaysia, the Philippines, Thailand, and Viet Nam. The 2023 forecast is revised down to 4.7% as global demand weakens.

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 ASEAN region will remain one of the fastest-growing regions of the world in 2023 but economic growth will likely fall marginally from 2022. This is largely due to worsening global economic conditions and tightening monetary policy.

Detailed explanation-5: -In this report, ADB has lowered its forecasts for economic growth in developing Asia and the Pacific to 4.3% in 2022 and 4.9% in 2023, amid mounting challenges. Its theme chapter looks at how digital entrepreneurship spurs growth and innovation.