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ADB Revised India’s GDP Forecast for FY21 to -8% from -9%

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ADB projects -8 Per as India's GDP forecast for FY21The ‘Asian Development Bank(ADB)’s ‘Asian Development Outlook (ADO) 2020 Supplement: Paths Diverge in Recovery from the Pandemic’- December 2020, has revised India’s Gross Domestic Product (GDP) FY21 rate upwards to -8%(contract by 8) from -9% projected in Asian Development Outlook 2020 Update in September 2020. The Growth will return in 2021 at 8.0% in India.

The GDP of Developing Asia(46 ADB-Asian Development Bank member economies across Asia and the Pacific) forecasted to contract by 0.4%(-0.4%) from -0.7% projected in September 2020. The growth will rebound to 6.8% in 2021.

Highlights of ADO 2020- December

Growth Projection of Central Asia and Pacific economies Unchanged

The growth forecast for Central Asia is projected to contract by 2.1% in 2020 and Pacific economies to contract by 6.1% as global tourism continues to weaken.
These projections are unchanged from the September 2020 projection.

South Asia

The growth projection of South Asia is upgraded to -6.1% from -6.8%.
This is in line with the improves projection for India
Growth will rebound to 7.2% in 2021.

Other Growth Projections

East Asia-  Upgraded from 1.3%  to 1.6% for 2020; Growth in 2021 at 7.0%

Southeast Asia– There is a delay in recovery of Southeast Asia due to the lag in the virus containment efforts.

Subregional–  downgraded from 3.8% contraction to 4.4% for 2020; Growth in 2021 downgraded from 5.5% growth to 5.2%.

Regional inflation– The depressed  demand and low oil prices will  keep regional inflation at 2.8% in 2020 and 1.9% in 2021.

Recent Related News:

In accordance with the official data released by the National Statistics Office (NSO), India’s gross domestic product (GDP) for the second quarter ended September 30, 2020 (Q2FY21) contracted by 7.5% as compared to the expansion of 4.4% in the corresponding July-September period of 2019-20.

About Asian Development Bank (ADB):

Establishment– 1966
President– Masatsugu Asakawa
Headquarters– Mandaluyong City, Manila, Philippines
Membership– 68 countries (Including India)