India says expects crucial southwest monsoon to be normal this year

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The critical southwest monsoon seasonal (June to September) rainfall, which feeds India’s billion plus people, is most likely to be normal this year, the Indian Meteorological Department (IMD) said in a statement, raising hopes a struggling economy will get a boost as the agriculture sector benefits. “Quantitatively, the monsoon seasonal (June to September) rainfall over […]

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India’s economic growth slows in FY 21-22 fourth quarter; full year GDP growth at 8.7%

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Covid-related restrictions, global supply shortages and higher input costs due to uncertainties triggered by Russia’s invasion of Ukraines further slowed India’s economic growth in the fourth quarter of the 2021-22 fiscal (April-March) with full-year gross domestic product (GDP) growth hitting 8.7% after contracting by 6.6% in the previous financial year, government data showed. The GDP […]

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Asia growth slows on commodities, Covid and rising interest rates

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Economic growth in Asia and the Pacific is poised to slow more than previously estimated this year amid headwinds from the war in Ukraine, a resurgent pandemic, and tightening global financial conditions, the International Monetary Fund (IMF) said. “Regional gross domestic product will expand by 4.9 percent, 0.5 percentage points less than we forecast in […]

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FAO calls for import financing facility as food prices surge due to the Ukraine war

The Food and Agriculture Organization of the United Nations (FAO) is calling for a global Food Import Financing Facility (FIFF) to help poorer countries deal with surging prices as a result of the war in Ukraine. The FIFF, which is also aimed at increasing global agricultural production and productivity in a sustainable way, is one of six policy […]

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IMF lowers global economic growth to 3.6% due to the Ukraine war

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The International Monetary Fund (IMF) has revised its global economic growth forecast lower at 3.6% this year and the next due to the war in Ukraine and new bottlenecks in supply chains due to Covid-related lockdowns in China. “Compared to our January forecast, we have revised our projection for global growth downwards to 3.6 percent […]

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China’s GDP expands 4.8% in Q1 despite COVID-19 disruptions; outlook uncertain

China said its gross domestic product (GDP) expanded 4.8 percent year on year in the first quarter (Q1) of 2022 despite disruptions caused by the resurgence of COVID-19 cases and global uncertainties. The expansion is supported by a strong January-February economic recovery, the National Bureau of Statistics (NBS) said, adding retail sales grew by 6.7 […]

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Developing Asia economies set to grow 5.2% this year amid global uncertainty

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Developing Asia’s economies are forecast to grow 5.2% this year and 5.3% in 2023, thanks to a robust recovery in domestic demand and continued expansion in exports. However, uncertainties stemming from the Russian invasion of Ukraine, the continuing coronavirus disease (COVID-19) pandemic, and tightening by the United States Federal Reserve pose risks to the outlook. […]

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Indian economy to grow 7.5% in FY2022, 8% in FY2023, says ADB

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India’s economy will grow 7.5% in fiscal year (FY) 2022 and 8% in FY2023, supported by increased public investment in infrastructure and a pickup in private investment, the Asian Development Bank (ADB) forecasts. The outlook assumes sustained progress in coronavirus disease (COVID-19) vaccinations and that any new variants of the virus are of limited severity. […]

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