ADB lowers India's GDP projection for FY23 to 6.3%, FY24 retained at 6.7%
economic activity is seen supported by a rebound in tourism and healthy domestic demand. ‘’Domestic demand is continuing to support developing Asia’s growth.
The reopening of the People’s Republic of China, rebounding tourism, resilient service sectors, healthy money transfers into the region, and stable financial conditions are all helping support economic activity,'' said ADB on Asia's eocnomic outlook. ADB cited three main risks to the outlook — impact of the weakness in China’s property sector, sporadic supply disruptions from Russia’s invasion of Ukraine and export curbs amid the risk of droughts and floods caused by El Nino.
“Developing Asia continues growing robustly, and inflation pressures are receding," ADB Chief Economist Albert Park said. “Some central banks in the region have started to lower interest rates, which will help boost growth."
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