New Delhi, Apr 3 (UNI) The Asian Development Bank (ADB) on Wednesday projected India’s GDP to grow at 7.2 per cent in 2019 and 7.3 per cent in 2020 due to stronger consumption, lower policy interest rates and income support to farmers.
However, the Bank lowered the country’s growth to 7pc in 2018 in its Asian Development Outlook (ADO) 2019 -- ADB’s flagship economic publication.
“By contrast, stronger consumption will see growth in India tick up from 7.0pc in 2018 to 7.2pc in 2019 and 7.3pc in 2020 with lower policy interest rates and income support to farmers boosting domestic demand,” the report said.
According to the report, South Asia overall will outperform other sub regions and is forecast to expand 6.8pc cent this year and 6.9pc next year.
“Growth overall remains solid with domestic consumption strong or expanding in most economies around the region. This is softening the impact of slowing exports,” said ADB Chief Economist Yasuyuki Sawada.
Uncertainty clouding the outlook remains elevated, he added.
The ADB also forecast slower combined growth in the US, the European Union (EU), and Japanese economies of 1.9pc this year and 1.6pc in 2020 given tighter fiscal and monetary conditions in the US, the prospects of a disorderly United Kingdom exit from the EU, and the US-China trade conflict.
In China, the economic growth will be moderate to 6.3pc in 2019 and 6.1pc in 2020 from 6.6pc in 2018.
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