ADB projects India’s economy to grow by 7.5% in FY23, 8% in FY24
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Asian Development Bank (ADB) in its flagship Asian Development Outlook (ADO) 2022 has projected a 7% collective growth for South Asian economies in 2022 before picking up to 7.4% in 2023, with the sub-region's largest economy India growing by 7.5% in the current fiscal year (FY23) and 8% in next fiscal year (FY24).
It said the sub-region's growth dynamics are largely driven by India and Pakistan. Pakistan's growth is forecast to moderate to 4% in 2022 on weaker domestic demand from monetary tightening and fiscal consolidation before picking up to 4.5%in 2023. It said developing Asia's economies are predicted to grow by 5.2% this year and 5.3% in 2023, thanks to a robust recovery in domestic demand and continued expansion in exports.
However, it stated uncertainties stemming from the Russian invasion of Ukraine, the continuing coronavirus disease (COVID-19) pandemic, and tightening by the United States Federal Reserve pose risks to the outlook’. Developing Asia comprises 46 member countries of ADB by geographic group: the Caucasus and Central Asia, East Asia, South Asia, Southeast Asia and the Pacific. South Asia comprises Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka.
