With China’s growth projected to slow down to 6.6% and 6.4% in 20 respectively as domestic economic policy leans further toward financial stability and a more sustainable growth trajectory, ADB said India will remain the world’s fastest growing major economy.ĪDB said with global oil prices forecast to increase by 19.7% in 2018 to $65 per barrel, decontrolled prices for fuels are expected to go up in India. The World Bank last month projected India’s economic growth to accelerate to 7.3% in 2018-19 and 7.5% in 2019-20. “Also set to catalyse growth are benefits from the GST as it mitigates geographic fragmentation and adds revenue to the exchequer, as well as further progress on fiscal consolidation and reform to promote FDI," ADB said. India’s growth is expected to pick up further to 7.6% in 2019-20 as “efforts to strengthen the banking system and continued corporate deleveraging are likely to bolster private investment." However, ADB said escalating trade tensions, rising US interest rates and accumulating domestic private debt are key risks to growth recovery in developing Asia, without specifically naming India. Stronger rural wages augur well for rural consumption, but urban consumption will be less dynamic with only moderate growth in urban wages and employment," ADB said in its annual Asian Development Outlook. View the Mobile Version View on the Data LibraryĬovered in this publication are Afghanistan Armenia Azerbaijan Bangladesh Bhutan Brunei Darussalam Cambodia the Cook Islands the Federated States of Micronesia Fiji Georgia Hong Kong, China India Indonesia Kazakhstan Kiribati the Kyrgyz Republic the Lao People's Democratic Republic Malaysia Maldives the Marshall Islands Mongolia Myanmar Nauru Nepal Pakistan Palau Papua New Guinea the People’s Republic of China the Philippines the Republic of Korea Samoa Singapore Solomon Islands Sri Lanka Taipei,China Tajikistan Thailand Timor-Leste Tonga Turkmenistan Tuvalu Uzbekistan Vanuatu and Viet Nam.“Farmers should enjoy more purchasing power with an announced budget policy to spur rural incomes with higher food procurement prices, agriculture market reform, crop insurance, and investment in irrigation and logistics. Detailed metadata and other information have been newly added to this year’s publication.
It also presents information on indicators related to land, population, sustainable development goals, national accounts, money, balance of payments, reserves, external debt, and central government finance.
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