The Asian Development Bank (ADB) has forecast that the South Asian economy will grow by 7% by 2022. India, the largest economy in the sub-region, is expected to grow by 7.5 per cent in the current financial year and grow to 8 per cent next year.
ADB’s Asian Development Outlook (ADO) indicates this in 2022. According to the ADB, South Asia’s economic growth is expected to slow to 7 percent in 2022 and 7.4 percent in 2023.
India and Pakistan are leading the way in the growth of the sub-region. Pakistan’s growth is projected to slow to 4% by 2022 due to weak domestic demand from monetary and economic consolidation. Growth will be 4.5 percent by 2023. The economies of developing Asia are expected to grow by 5.2 percent this year and 5.3 percent by 2023. This will be due to the strong recovery in domestic demand and the continued expansion in exports.
Albert Park, ADB’s chief economist, said Asian developing economies were on the verge of recovery. New spreads and virus variants may upset this speed. The ADB also said that uncertainty over Russia’s military action in Ukraine, the ongoing Kovid expansion in some countries, and the US Federal Reserve’s interest policies were currently causing pressure. Developing Asia includes 46 member countries of the ADB. South Asia also includes Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka.
English Summary: The country grew by 7.5 per cent in the current financial year
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