The Asian Development Bank has released its annual economic publication “Asian Development Outlook 2020”. In its annual flagship economic publication “Asian Development Outlook 2020”, the Asian Development Bank has projected India’s growth to slow down to 4% in the current fiscal year i.e. 2020-2021. The ADB has cited weak global demand and the government’s novel coronavirus containment efforts for the slow down in Indian economy.
While for fiscal year 2021-2022, the Asian Development Bank has projected India’s growth to strengthen to 6.2%, boosted by government reforms. The Asian Development Bank has also estimated the growth in South Asia to decelerate to 4.1% in the fiscal year 2020-2021, hence will face a milder slowdown. Although, the bank expects the growth in South Asia to recover to 6% in the fiscal year 2021-2022.
Important takeaways for all competitive exams:
- President of ADB: Masatsugu Asakawa; Headquarters: Manila, Philippines.