ADB cuts GDP growth forecast of India for FY23 to 7%

ADB cuts GDP growth forecast of India for FY23 to 7%: The Asian Development Bank (ADB) has reduced the economic growth projection of India for 2022-23 to 7% from 7.2%.

September 2022 Current Affairs Quiz

Reason: Higher inflation and monetary tightening.

The economy of India has been grew 13.5% year-on-year (Y-o-Y) in the first quarter of 2022-23, that shows strong growth in services.

Report: Second supplement to Asian Development Outlook Report 2022.

The ADO also expects that the Chinese economy to expand by 3.3% in 2022 rather than 5% forecast.

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