India says expects crucial southwest monsoon to be normal this year


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 […]

Read more

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


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 […]

Read more

Asia growth slows on commodities, Covid and rising interest rates


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 […]

Read more

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 […]

Read more

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


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 […]

Read more

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 […]

Read more

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


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. […]

Read more

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


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. […]

Read more