India to remain fastest growing major economy till 2019-20: ADB
According to Asian Development Bank (ADB), India will continue to be fastest growing major economy, ahead of China, with growth rate of 7.3% in 2018-19 and 7.6% in 2019-20. The growth projections were supplement to ADB’s Asian Development Outlook (ADO).
Growth in Asia and 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. Concerns for the region include trade measures and rising trade tensions in the region. But the prudent macroeconomic and fiscal policy-making will help economies across region prepare to respond to external shocks, ensuring that growth in the region remains robust.
South Asia will continue to be the fastest growing sub-region in Asia Pacifit, led by India, whose economy is on track to meet projected growth of 7.3% for 2018 and further accelerating to 7.6% in 2019, as measures taken to strengthen the banking system and tax reform boost investment. The growth in India will be driven by increased public spending, uptick in private investment and higher capacity utilisation rate.
Asian Development Bank (ADB)
ADB is a regional development bank based out of Asia. It aims to promote social and economic development in Asia. It was established in December 1966. It is headquartered at Ortigas Centre in Manila, Philippines. ADB’s main objective is to assist its members and partners, by providing loans, technical assistance, grants, and equity investments to promote social and economic development. It has total 67 members, of which 48 are from within Asia and the Pacific and 19 outside. ADB has been modelled closely on the lines World Bank. It has similar weighted voting system where votes are distributed in proportion with members’ capital subscriptions.