ADB pares India FY23 GDP growth forecast to 7%, from 7.5%

• The Asian Development Bank (ADB) cut its forecast for India's economic growth in 2022-23 to 7%, from 7.5% estimated in April.
• It pegs FY24 growth at 7.2%.

China concerns

• China's economy would grow 3.3% in 2022, slower than the rest of developing Asia for the first time in three decades.
• Less than the 5% forecast earlier due to lockdowns triggered by its zero-COVID strategy, property sector problems and weaker external demand.

South Asia outlook

• It expects inflation in South Asia to be pushed up by higher energy and food costs to 8.1% in 2022, faster than the 6.5% estimated earlier.

Prelims Takeaway

• Asian Development Bank