Upgrading growth projection, the Asian Development Bank (ADB) in its latest report has raised the growth forecast for India to minus 8 percent in the current fiscal year from the minus 9 percent projection in September while keeping the outlook for the next fiscal year at 8 percent.
As per the report, the economic activity in developing Asia is forecast to contract by 0.4 percent this year before picking up to 6.8 percent in 2021 as the region moves toward recovery from the effects of the coronavirus disease (COVID-19) pandemic.
ADB further noted that pandemic-induced lockdowns and restrictions have been eased in varying levels in the region with merchandise exports rebounding quickly from substantial declines in the second quarter. Besides, it said that mobility is also returning to pre-COVID-19 levels in East Asia and the Pacific where its spread has largely been contained or prevented in recent months. A recovery in tourism, however, is likely to be delayed.