January 23, 2025 12:21 am (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
'Stop this ridiculous war now or face tariffs': Donald Trump tells Vladimir Putin | JDU sacks Manipur Chief after he declares to withdraw support from BJP government in state | 12 dead after passengers jump off train in Maharashtra over rumours of fire and collision with another train | Saif Ali Khan's attacker wanted to treat ailing mother in Bangladesh with the stolen money: Reports | US prioritises India as Secretary of State Marco Rubio picks Jaishankar for his maiden bilateral meeting | I don't want to stop, but also want competent people: Donald Trump on H-1B visa | QUAD leaders commit to strengthening free and open Indo-Pacific, send veiled message to China in first meeting after Trump's inauguration | At least two Maoists are eliminated by security forces every day: Centre | New US Secretary of State Marco Rubio to hold first bilateral talk with S Jaishankar | Saif Ali Khan is back home, waves at fans after hospital discharge
ADB describes India as region's fastest growing economy. Photo Courtesy: PIB

ADB retains India's growth forecast at 7 per cent for fiscal year 2024

| @indiablooms | Jul 19, 2024, at 11:04 pm

In its latest development outlook, the Asian Development Bank has kept India's economic growth forecast unchanged at 7 percent for the fiscal year 2024.

ADB also described India as the region's fastest growing economy.

"India’s industrial sector is projected to grow robustly, driven by manufacturing and strong demand in construction. Agriculture is expected to rebound amid forecasts for an above-normal monsoon, while investment demand remains strong, led by public investment," ADB said in a statement.

For Southeast Asia, the growth forecast is maintained at 4.6% this year amid solid improvements in both domestic and external demand.

This year’s outlook for the Caucasus and Central Asia is raised to 4.5% from a previous projection of 4.3%, driven in part by stronger-than-expected growth in Azerbaijan and the Kyrgyz Republic.

In the Pacific, the outlook for 2024 is maintained at 3.3% growth, driven by tourism and infrastructure spending, along with revived mining activity in Papua New Guinea.

China

The growth forecast for the People’s Republic of China (PRC), the region’s largest economy, is maintained at 4.8% this year.

"A continued recovery in services consumption and stronger-than-expected exports and industrial activity are supporting the expansion, even as the PRC’s struggling property sector has yet to stabilize," read a statement issued by the ADB.

The government introduced additional policy measures in May to support the property market.

ADB raised its economic growth forecast for developing Asia and the Pacific this year to 5.0% from a previous projection of 4.9%, as rising regional exports complement resilient domestic demand.

The growth outlook for next year is maintained at 4.9%.

“Most of Asia and the Pacific is seeing faster economic growth compared with the second half of last year,” said ADB Chief Economist Albert Park. “The region’s fundamentals remain strong, but policy makers still need to pay attention to a number of risks that could affect the outlook, from uncertainty related to election outcomes in major economies to interest rate decisions and geopolitical tensions.”

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.
Related Videos
Nirmala Sitharaman on Budget 2024 Jul 23, 2024, at 09:30 pm
PM Modi on Budget 2024 Jul 23, 2024, at 09:30 pm
Close menu