NEW DELHI, April 4 (NNN-BERNAMA) — Stronger consumption will help the Indian economy to improve its growth from seven per cent in 2018 to 7.2 per cent in 2019, the Asian Development Bank (ADB) said on Wednesday.
It expects India’s growth rate to improve slightly to 7.3 per cent in 2020, helped by lower policy interest rates and income support to farmers, boosting domestic consumer demand.
South Asia overall will outperform other sub-regions of Asia and is forecast to grow at 6.8 per cent this year and 6.9 per cent in 2020, the bank said in its new economic outlook.
“Growth remains strong across most of developing Asia but is set to moderate this year and next year against the backdrop of slowing global demand and persistent trade tensions,” the ADB said, highlighting the risks to Asia’s economy from the ongoing China-US trade tensions.
Other potential risks to growth are a rapid slowdown in advanced economies and China.
–NNN-BERNAMA
