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New Delhi17 minutes ago
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- Recent rapid risk potential in corona cases
- India to grow at 7% in FY 2022
The second wave of Kovid-19 continues to wreak havoc in the country. Meanwhile, the Asian Development Bank (ADB) has given good news about the country’s economy. ADB has said that better and wider scale immunization is going on in the country. Due to this, India’s economy can grow at a rate of 11% in the current financial year. However, ADB has stated that the recent spurt in cases of Kovid may prove to be a risk to the country’s economic recovery.
Immunization will benefit
On Wednesday, ADB released its flagship Asian Development Outlook (ADO) 2021, stating that the Indian economy is expected to grow at a rate of 11% in FY 2021 due to better immunization. The report forecasts that the Indian economy (GDP) will grow at a rate of 7% in FY 2022. The report said that South Asia’s gross domestic product (GDP) is expected to reach 9.5% this year, falling to 6% in 2020. At the same time, in FY 2022, it is expected that the gross domestic product (GDP) of South Asia will reach 6.6 percent.
Asia’s economies will perform better
ADB has said that the economic growth rate of developing Asia will be around 7.3% in the current financial year. The rate was 0.2% last year. The ADB says Asian economies will benefit from global recovery from the Corona epidemic and the strong start of the COVID-19 vaccination campaign. The report says that the overall growth rate of this sector is estimated to be 5.3% in 2022.
Singapore’s economic growth rate expected to be 7.7%
ADB states that Singapore and Taipei-China, which develop economic activity in Asia, excluding the industrial economies of Hong Kong, China, Korea, are expected to grow at 7.7% this year. In FY 2022 this rate will be 5.6%. The report further states that most of the economies of developing Asia will grow better this year and in 2022. The ADB list consists of 46 members based on geographical grouping in developing Asia. These include new industrial economies, countries in Central Asia, economies in East Asia, South Asia, Southeast Asia, and the Pacific.