Asian Development Outlook (ADO), 2021 was released by Asian Development Bank (ADB) on April 26, 2021, in which it forecasted the Indian economy to grow at 11 per cent in FY22 increased from 8% earlier and it also predicted a GDP expansion in FY22 at 7 per cent. It also pointed out the risk in economic recovery due to an increase in COVID-19 cases.
Key points of the ADO on Economic Growth:
- Developing Asia: The economic growth in developing Asia is recovering to 7.3 per cent in 2021 followed by a 0.2 per cent contraction in 2020. Developing Asia includes newly industrialized economies, it consists of 46 members of the ADB list.
- South Asia: GDP growth of South Asia for 2021 is expected to be 9.5 per cent following a contraction of 6 per cent in 2020 and expects 6.6 per cent growth in 2022.
- East Asia: East Asia’s GDP is expected to grow at 7.4 per cent in 2021 and 5.1 per cent in 2022
- China: China’s GDP expansion is predicted to 8.1 per cent in 2021 and 5.5 per cent in 2022.
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Asian Development Bank (ADB) has raised over USD 307 Million (~ INR 2232 Crore or Chinese Yuan Renminbi (CNY) 2 billion) from the 1st Panda bond issue in more than a decade. This is ADB’s largest-ever borrowing in an Asian local currency.
About Asian Development Bank(ADB):
Establishment – 1966
Headquarters – Manila, Philippines
President – Masatsugu Asakawa
Members – 68 members (49 from Asia & Pacific)