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ADB cuts India’s GDP growth forecast to 7%

High inflation and monetary tightening were cited.

The Asian Development Bank (ADB) has reduced India’s economic growth forecast from 2022-23 to 7 per cent. from 7.2 percent earlierCiting higher-than-expected inflation and monetary tightening.

India’s economy grew 13.5 per cent year-on-year in the first quarter of 2022-23, reflecting strong growth in services, ADB said in a supplement to its flagship ADO report on Wednesday.

Also read: 11% growth over next decade could make India the world’s second largest economy by 2031: RBI Deputy Governor

“However, GDP growth has been revised down from the ADO 2022 forecast to 7 per cent for FY 2022 (ending March 2023) and 7.2 per cent for FY 2023 (ending March 2024) as Domestic consumption is expected to be adversely affected by price pressures, and net exports are likely to be under pressure from sluggish global demand and higher oil prices.”

ADO expects the Chinese economy to expand by 3.3 percent in 2022, instead of the earlier 5 percent forecast. The report said that the lockdown from the zero-COVID strategy, problems in the property sector and weak external demand are impacting economic activity in China.

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