Inflation is expected to continue falling, near pre-pandemic levels, as fuel and food prices fall, the Asian Development Bank said in its latest report on the Asian Development Outlook.
Post Date – 08:13 AM, Wednesday – July 23rd 19th
New Delhi: The Asian Development Bank (ADB) on Wednesday maintained India’s economic growth forecast at 6.4% and 6.7% for the current and next fiscal years, saying strong domestic demand will continue to support the region’s recovery.
Inflation is expected to continue falling, near pre-pandemic levels, as fuel and food prices fall, the Asian Development Bank said in its latest report on the Asian Development Outlook. It forecasts inflation in developing Asia at 3.6% this year and 3.4% in 2024.
The Indian economy grew by 7.2% in the 2022-23 fiscal year ending March 2023.
“The Asia-Pacific region continues to recover steadily from the pandemic,” said ADB Chief Economist Albert Parker.
“Domestic demand and services activity are driving growth, while many economies are also benefiting from a strong recovery in tourism. However, industrial activity and exports remain weak and the outlook for global growth and demand next year has deteriorated,” Parker added.
In April, the ADB had forecast that India’s economic growth was expected to slow to 6.4% this fiscal year due to tighter monetary conditions and higher oil prices.
