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Asian Development Outlook (ADO) 2021 report

Asian Development Outlook (ADO) 2021 report

Why in news?

  • According to the report Asian Development Outlook (ADO) 2021, the second wave of Covid-19 can put India’s economic recovery at “risk”.
  • ADO is a series of annual economic reports on the Developing Member Countries (DMCs) of the Asian Development Bank (ADB).

Highlights Of Recent Report

  • According to report the Indian economy is expected to contract by 4% during the current financial year (2020-21).
  • Earlier, in April 2020, ADB had projected India’s economy to grow at 4% in 2020-21.
  • The report also highlighted India’s GDP slowed to 3.1% in the last quarter (Jan-March) of the financial year 2019-20, it is the slowest since early 2003.
  • Developing Asia refers to a group of over 40 countries, including India that are members of the ADB.
  • Growth of Developing Asia is expected around 0.1%, this is down from the 2.2% forecast in April 2020 and would be the slowest growth for the region since 1961.
  • However, China is expected to record a positive growth of 1.8% in 2020-21.

Challenges

  • Pandemic remains the biggest risk for the region (Developing Asia) as potential delays in vaccine rollouts or significant new outbreaks could undermine growth.
  • Increasing geopolitical tensions, production bottlenecks, financial turmoil from tightening financial conditions, and long-term scarring like learning losses due to school closures are among other risk factors.

Asian Development Outlook (ADO) Report

  • It is a series of annual economic reports on the developing member countries (DMCs) of the Asian Development Bank.
  • It analyzes economic and development issues in developing countries in Asia.
  • It includes forecasting the inflation and gross domestic product growth rates of countries throughout the region, including the People’s Republic of China and India.
  • It provides a comprehensive analysis of macroeconomic and development issues for the DMCs of ADB.
  • It features an assessment of economic trends and prospects for the world and for the developing economies of Asia and the Pacific, economic profiles, economic management issues etc.

Asian Development Bank

  • ADB is a regional development bank established in 1966.
  • It has 68 members. India is a founding member.
  • 49 are from within Asia and the Pacific and 19 outside.
  • It aims to promote social and economic development in Asia and the Pacific.
  • As of 31st December 2019, ADB’s five largest shareholders are Japan and the United States (each with 15.6% of total shares), the People’s Republic of China (6.4%), India (6.3%), and Australia (5.8%).
  • It is headquartered in Manila, Philippines.

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