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ADB ups developing Asia growth forecast to 5.0%, India remains fastest-growing
The Business Guardian
|July 19, 2024
The Asian Development Bank (ADB) recently released its updated Asian Development Outlook, painting a picture of accelerating economic growth in the region.
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Developing Asia and the Pacific are now expected to expand by 5.0% in 2024, a slight increase from their previous forecast of 4.9%. This upward revision is attributed to two key factors: rising regional exports and continued strength in domestic demand.
India continues to shine as the region’s economic powerhouse. The ADB maintained its growth forecast for India at a robust 7% for the current fiscal year (ending March 2025). This impressive performance is fueled by several positive developments. Robust growth is anticipated in India’s industrial sector, driven by a surge in manufacturing activity and strong demand in the construction sector. Additionally, an above-normal monsoon season is expected to revitalize the crucial agriculture sector. Public investment remains strong, further bolstering overall investment demand in the country.
Dit verhaal komt uit de July 19, 2024-editie van The Business Guardian.
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