India's GDP expected to contract 9% in FY21: ADB

Asian economies to contract in 2020 for first time since 60s: ADB

China's economy is expected to rebound by 7.7% in 2021, while India will also bounce back with 8% growth next year, the ADB says.

Growth will rally to 6.8 per cent in 2021, in part because growth will be measured relative to a weak 2020.

It noted that as the Coronavirus (Covid-19) continued to expand regionally and globally, containment measures to counter the pandemic stifled economic activity. Also Read - To speed up the economy in the Corona era, will the Modi government raise 1 lakh crore by selling the properties of the people who went to Pakistan after Partition? Its growth is forecast to accelerate to 7.7 per cent in 2021.

Earlier this month, the state-run Korea Development Institute cut the nation's economic growth outlook to a contraction of 1.1 percent this year, a sharp downward revision of 0.2 percent expansion in its May forecast. That will nonetheless depart subsequent yr's stage of GDP beneath pre-coronavirus projections, implying that the restoration is just "partial" and "not full".

India's current account deficit is forecast to shrink to 0.3% of GDP this fiscal year, then widen to 0.6% of GDP in FY2021 with exports expected to recover as global growth rebounds.

In contrast, India, which is one of the hardest hit countries in the world with over 4.8 million infections despite lengthy lockdowns, is expected to shrivel by nine percent in 2020 before expanding by eight percent next year.

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Rising non-performing loans caused by the pandemic that could further weaken the financial sector and its ability to support economic growth, while increasing public and private debt levels could affect technology and infrastructure investment, ADB cautioned. The Asian development forecast for a fall in GDP is nearly identical to the estimates of several other rating agencies, which have forecast a decline in the country's economy.

While the pandemic remains the biggest downside risk to the region's outlook, Sawada said in a separate media briefing "worsening geopolitical tensions" that include the trade and tech war between USA and Beijing, could also dent growth. To mitigate the risk, governments in the region have delivered wide-ranging policy responses, including policy support packages-mainly income support-amounting to $3.6 trillion, equivalent to about 15% of regional GDP.

Tourism-dependent island economies, in particular, have seen wrenching economic contractions.

The report revised the Philippines' inflation forecasts to 2.4 per cent in 2020 and 2.6 per cent in 2021, compared with the April projections of 2.2 per cent and 2.4 per cent, respectively, as global oil prices stabilise.

A woman in India reacts as a health worker takes a swab sample to be tested for Covid-19.

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