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ADB lowers India’s growth from its July estimate of 7.4%, reflecting ‘short-term disruptions’ such as last year’s demonetization and this year’s implementation demonetization.
Asian Development Bank (ADB) has lowered its 2017 growth forecast for India to 7% from its July estimate of 7.4%, reflecting “short-term disruptions” such as last year’s demonetization and this year’s implementation of the goods and services tax (GST) that the bank expects to “dissipate”.
In a Tuesday update to its Asian Development Outlook 2017, the bank increased its growth forecast for Asia from 5.7% to 5.9% on the back of China’s better-than-expected performance and a revival in global trade and strong growth in the developed world.
It expects the good news to last into 2018, for which it increased the region’s growth forecast to 5.8% from 5.7%. The bank upped its forecast for China to 6.7% in 2017, from the previously estimated 6.5%. It also increased next year’s forecast for China to 6.4% from 6.2%.