Asian Development Outlook (ADO) 2021:
According to the report Asian Development Outlook (ADO) 2021, the second wave of Covid-19 can put India’s economic recovery at “risk”.
- ADO is a series of annual economic reports on the Developing Member Countries (DMCs) of the Asian Development Bank (ADB).
- Gross Domestic Product (GDP) will rebound strongly by 11% in Fiscal Year (FY) 2021-22 due to continued economic recovery boosted by increased public investment, vaccine rollout, and a surge in domestic demand.
- India’s economic growth to moderate to 7% in FY 2022-23.
- The economy is expected to have contracted by 8% in FY 2020-21 in line with the government’s second advance estimate.
For Developing Asia:
- The economic growth is set to rebound to 7.3% in 2021-22. This follows a 0.2% contraction last year.
- Developing Asia comprises 46 members of the ADB list on the basis of the geographic group.
- These include newly industrialized economies, countries in Central Asia, East Asia, South Asia, Southeast Asia, and the Pacific.
- India is also part of Developing Asia.