India Fastest Growing Economy In Asia: ADB
- GS Prelims, GS Mains paper III
- Economy, Indian Economic growth, ADB
Why in News?
- Led by India, South Asia will continue to be the fastest growing economic area despite new trade tensions in Asia and Pacific region, Asian Development Bank (ADB).
- ADB published in April had said that India’s economic growth will rise to 7.3 per cent this fiscal and further to 7.6 per cent in the next financial year.
Asian Development Bank (ADB)
- Asian Development Bank (ADB) — as the name suggests — is a regional development bank based out of Asia
- It was established on December 19, 1966, with its headquarter in the Ortigas Centre, Philippines
- The main objective of the bank is to promote social and economic development in Asia
- Started with 31, the organization has currently 67 countries as members
- Takehiko Nakaois the current President of ADB
Growth figures for Asia and the Pacific
- Growth in Asia and the Pacific’s developing economies for 2018 and 2019 will remain solid as it continues apace across the region, despite rising tensions between the US and its trading partners, said a supplement to the Asian Development Outlook (ADO).
- “South Asia, meanwhile, continues to be the fastest growing sub-region, led by India, whose economy is on track to meet fiscal year 2018 projected growth of 7.3 per cent and further accelerating to 7.6 per cent in 2019, as measures taken to strengthen the banking system and tax reform boost investment,” it said.
- The ADO published in April had said that India’s economic growth will rise to 7.3 per cent this fiscal year and further to 7.6 per cent in the next financial year, retaining the fastest-growing Asian economy tag, on the back of GST and banking reforms.
Concerns for the regions
- The areas of concern for Asia include its trade measures and the rising trade tensions in the region.
- ADB Chief Economist Yasuyuki Sawada said: “Although rising trade tensions remain a concern for the region, protectionist trade measures implemented so far in 2018 have not significantly dented buoyant trade flows to and from developing Asia.”
India Fastest Growing Economy In Asia: ADB India Fastest Growing Economy In Asia: ADB India Fastest Growing Economy In Asia: ADB