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Tuesday, November 30, 2021

Asia’s growth may fall for the first time in 60 years, 9 in Indian economy

  • Asian Development Outlook 2020 released by ADB on Tuesday
  • ADB estimates, Indian economy will see a big boom in FY 2021-22
  • ADB Outlook 2020: Asia’s growth may fall for 1st time in 60 years

The Asian Development Bank has released a major report on the Asian economy in the Asian Development Outlook 2020 (ADB Outlook 2020). This report released on Tuesday means that for the first time in 60 years, the Asian economy may see a decline. At the same time, in the report on the Indian economy, ADB has said that there may be a 9 per cent decline in the financial year 2020-21, which is a big setback for India. Let us tell you that due to Coronavirus this year, the Indian economy has gone down from 0 to 23 percent in the June quarter. It plays an important role in the Indian economy in Asia. It is possible that the decline in the Asian economy has been anticipated due to the decline in the Indian economy.

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Asia’s economy may fall for the first time in 60 years

According to the report released by the Asian Development Bank, this year, the Asia-Pacific 45 countries may see a 0.7 percent decline in economic growth. It is estimated to be the first time in 60 years. ADB’s Chief Economist Yasuyuki Sawada said the economic threat posed by the COVID-19 epidemic remains strong, as earlier wave outbreaks may increase further in the coming days. He said the recession in developing Asia is more widespread than in previous crises. In the current year, three-quarters of the region’s economies have shrunk.

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9% drop in Indian economy

On the other hand, the Asian Development Bank has forecast a 9 per cent decline in the Indian economy in the current financial year 2020-21. According to the ADB, economic activity in India has been severely affected by the Coronavirus. According to the report, its impact on consumer perception has also been seen in India. Due to this, there will be a 9 per cent decline in GDP in the current financial year.

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India’s economy will be the next year

At the same time, ADB has also estimated GDP for the Indian economy in FY 2021-22. According to ADB, India’s economic growth rate will increase by eight percent in the next financial year due to the movement and opening of business activities. Yasuyuki Sawada said that the measures to control the epidemic, expand the capacity of investigation, monitoring and treatment are important for the growth of the economy in the next financial year and beyond. These measures need to be implemented effectively, only then will the economy recover.

 

Source: www.patrika.com

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Damini Sharma
Experienced Senior Content Writer with a demonstrated history of working in the information technology and services industry. Skilled in SEO Copywriting, Web Content Writing, Storytelling, Blogging, and Social Media. Strong media and communication professional with a mass communication focused in Journalism from Sjmc davv indore.
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