In news: Asian Development Bank (ADB) has released Asian Development Outlook report for 2021.
More about the recent report-
- The Indian economy is projected to grow at 11% in the current financial year (which ends on March 31, 2022) amid the “strong” vaccine drive.
- However, the recent surge in COVID cases may put the country’s economic recovery at “risk”.
- India was one of the 45 economies across Asia and the Pacific that were assessed by the report.
- The 45 economies that excluded Japan, Australia and New Zealand, were to grow 7.3 per cent this year, supported by a healthy global recovery and early progress on COVID-19 vaccines.
- It noted that while growth was forecast to be the strongest in East and South Asia, central and southeast Asia as well as the Pacific were to see more moderate growth.
- Rising exports are boosting some economies in Developing Asia (46 members of ADB list on the basis of geographic group) amid strengthening global economic activity, including a rebound in manufacturing.
- The GDP of South Asia is expected to rebound to 9.5% in 2021, following a contraction of 6% in 2020, before moderating to 6.6% in 2022.
- Increasing geopolitical tensions, production bottlenecks, delay in vaccine rollouts or major new outbreaks, financial turmoil and long-term scarring like learning losses due to school closures are the main risk factors.
Asian Development Outlook:
- It is an annual publication produced by the Asian Development Bank (ADB).
- It offers economic analysis and forecasts, as well as an examination of social development issues, for most countries in Asia.
It is prepared by staff of ADB’s regional departments, and field offices, under the coordination of the Economic Research and Regional Cooperation Department with the goal of developing “consistent forecasts for the region”.
Source: The Hindu
