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.