India GDP growth seen at 6.5 % in 2012: ADB


The Asian Development Bank (ADB) cut its growth forecasts for developing Asia on Thursday, saying financial and economic problems in Europe and the United States had cut demand for exports, although Southeast Asia remained a bright spot.

In a revision to its April outlook, the development bank cut its forecast for developing Asia, which excludes Japan, to 6.6 per cent for 2012 from 6.9 per cent. It also cut its forecast for 2013 to 7.1 per cent from 7.3 per cent.

Earlier, ADB President Haruhiko Kuroda told a conference in Bangkok there had been a significant slowdown in Asian economies and he now expected GDP growth of around 6.5 per cent this year.

China's economy was expected to grow 8.2 per cent in 2012 and India's 6.5 per cent, Kuroda said. That was down from 8.5 per cent and and 7 per cent respectively in the ADB's April forecasts.

But he remained fairly positive about Asia.

"Despite the negative (impact) already coming from the eurozone situation, we expect basically strong growth to continue this year and next, depending on each country," he said.

Thailand's economy was still expected to grow 5.5 per cent this year, Kuroda said, as it recovered from devastating floods in the final months of 2011 that cut annual growth to just 0.1 per cent.

However, the International Monetary Fund has cut its forecast for Thailand this year to 5 per cent from 5.5 per cent, managing director Christine Lagarde told a Thai newspaper on Thursday. For 2013 it is now forecasting 7 per cent, down from 7.5 per cent.

But she said that still represented 'a sharp, V-shaped recovery',boosted by reconstruction work after the floods.

Releasing its revised forecasts in Bangkok, the ADB statement noted 'healthy growth' in the Philippines, growing consumer demand in Indonesia, along with Thailand's recovery, were combining to support the Southeast Asian region.

"Southeast Asia's economies are expected to post growth of 5.2 per cent in 2012 and 5.6 per cent in 2013, virtually unchanged from predictions made in April," it said.

Most governments in the region "have sufficient policy space to ease monetary policy and provide fiscal stimulus if needed," it added.

Post new comment

<form action="/comment/reply/170365" accept-charset="UTF-8" method="post" id="comment-form"> <div><div class="form-item" id="edit-name-wrapper"> <label for="edit-name">Your name: <span class="form-required" title="This field is required.">*</span></label> <input type="text" maxlength="60" name="name" id="edit-name" size="30" value="Reader" class="form-text required" /> </div> <div class="form-item" id="edit-mail-wrapper"> <label for="edit-mail">E-Mail Address: <span class="form-required" title="This field is required.">*</span></label> <input type="text" maxlength="64" name="mail" id="edit-mail" size="30" value="" class="form-text required" /> <div class="description">The content of this field is kept private and will not be shown publicly.</div> </div> <div class="form-item" id="edit-comment-wrapper"> <label for="edit-comment">Comment: <span class="form-required" title="This field is required.">*</span></label> <textarea cols="60" rows="15" name="comment" id="edit-comment" class="form-textarea resizable required"></textarea> </div> <fieldset class=" collapsible collapsed"><legend>Input format</legend><div class="form-item" id="edit-format-1-wrapper"> <label class="option" for="edit-format-1"><input type="radio" id="edit-format-1" name="format" value="1" class="form-radio" /> Filtered HTML</label> <div class="description"><ul class="tips"><li>Web page addresses and e-mail addresses turn into links automatically.</li><li>Allowed HTML tags: &lt;a&gt; &lt;em&gt; &lt;strong&gt; &lt;cite&gt; &lt;code&gt; &lt;ul&gt; &lt;ol&gt; &lt;li&gt; &lt;dl&gt; &lt;dt&gt; &lt;dd&gt;</li><li>Lines and paragraphs break automatically.</li></ul></div> </div> <div class="form-item" id="edit-format-2-wrapper"> <label class="option" for="edit-format-2"><input type="radio" id="edit-format-2" name="format" value="2" checked="checked" class="form-radio" /> Full HTML</label> <div class="description"><ul class="tips"><li>Web page addresses and e-mail addresses turn into links automatically.</li><li>Lines and paragraphs break automatically.</li></ul></div> </div> </fieldset> <input type="hidden" name="form_build_id" id="form-1c7d11e5a2a5b7d7ac70e60981f3d6e4" value="form-1c7d11e5a2a5b7d7ac70e60981f3d6e4" /> <input type="hidden" name="form_id" id="edit-comment-form" value="comment_form" /> <fieldset class="captcha"><legend>CAPTCHA</legend><div class="description">This question is for testing whether you are a human visitor and to prevent automated spam submissions.</div><input type="hidden" name="captcha_sid" id="edit-captcha-sid" value="81577021" /> <input type="hidden" name="captcha_response" id="edit-captcha-response" value="NLPCaptcha" /> <div class="form-item"> <div id="nlpcaptcha_ajax_api_container"><script type="text/javascript"> var NLPOptions = {key:'c4823cf77a2526b0fba265e2af75c1b5'};</script><script type="text/javascript" src="" ></script></div> </div> </fieldset> <span class="btn-left"><span class="btn-right"><input type="submit" name="op" id="edit-submit" value="Save" class="form-submit" /></span></span> </div></form>

No Articles Found

No Articles Found

No Articles Found

I want to begin with a little story that was told to me by a leading executive at Aptech. He was exercising in a gym with a lot of younger people.

Shekhar Kapur’s Bandit Queen didn’t make the cut. Neither did Shaji Karun’s Piravi, which bagged 31 international awards.