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The <keyword id="50190" type="General" weightage="80" keywordseo="asian-development-bank" source="Orion">Asian Development Bank</keyword> on Tuesday said <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>'s economic growth is expected to moderate to 6.4 per cent in the current financial year due to tight monetary conditions and elevated oil prices as compared to a 6.8 per cent expansion for the financial year ended March 2023. However, <keyword id="6355976" type="General" weightage="80" keywordseo="adb" source="Orion">ADB</keyword> expects the country's economic growth to accelerate to 6.7 per cent in FY25 driven by private consumption and private investment on the back of government policies to improve transport infrastructure, logistics, and the business ecosystem. The projections are part of the latest edition of ADB's flagship economic publication, <keyword id="1006845" type="General" weightage="50" keywordseo="asian-development-outlook" source="Orion">Asian Development Outlook</keyword> (<keyword id="199985" type="General" weightage="50" keywordseo="ado" source="Orion">ADO</keyword>) April 2023. The growth moderation for India in FY24 is premised on an ongoing global economic slowdown, tight monetary conditions, and elevated oil prices, the report said. However, FY25 is expected to see faster growth in investment, thanks to supportive government policies and sound macroeconomic fundamentals, lower non-performing loans in banks, and significant corporate deleveraging that will enhance bank lending, it said. ADB Country Director for <keyword id="17036939" type="General" weightage="50" keywordseo="india-takeo-konishi" source="Orion">India Takeo Konishi</keyword> said that despite the global slowdown, India's economic growth rate is stronger than many peer economies and reflects relatively robust domestic consumption and lesser dependence on global demand. "The Government of India's strong infrastructure push under Prime Minister's Gati Shakti (National Master Plan for Multimodal Connectivity) initiative, logistics development, and industrial corridor development will contribute significantly to raising industrial competitiveness and boosting future growth," he said. Improving labour market conditions and consumer confidence will drive growth in private consumption, ADB said, adding that the central government's commitment to significantly increase capital expenditure in FY24 despite targeting a lower fiscal deficit of 5.9 per cent of GDP will also spur demand. Helped by a recovery in tourism and other contact services, the services sector will grow strongly in FY24 and FY25 as the impact of COVID-19 wanes, it said. However, ADB noted that manufacturing growth in FY24 is expected to be tamped down by a weak global demand but it will likely improve in FY25. Recent announcements to boost agricultural productivity such as setting up digital services for crop planning and support for agriculture startups will be important in sustaining agriculture growth in the medium term. "Inflation will likely moderate to 5 per cent in 2023-24, assuming moderation in oil and food prices, and slow further to 4.5 per cent in 2024-25 as inflationary pressures subside," it said. In tandem, ADB said that monetary policy in FY24 is expected to be tighter as core inflation persists while becoming more accommodative in FY25. The current account deficit is projected to decline to 2.2 per cent of GDP in FY24 and 1.9 per cent in FY25. Growth in goods exports is forecast to moderate in FY24 before improving in 2024 as production-linked incentive schemes and efforts to improve the business environment such as streamlined labour regulations, improved performance in electronics and other areas of manufacturing growth. Services export growth has been robust and is expected to continue to strengthen India's overall balance of payments position. However, geopolitical tensions and weather-related shocks are key risks to India's economic outlook, it said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/two-tax-regimes-rise-of-freelancers-drive-people-to-tax-experts-chartered-accountants/articleshow/99243392.cms">Two tax regimes &amp; rise of freelancers drive people to tax experts, chartered accountants</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/ipl-2023-rajasthan-royals-and-royal-challengers-bangalore-emerge-as-experts-top-picks/articleshow/99243483.cms">IPL 2023: Rajasthan Royals and Royal Challengers Bangalore emerge as experts' top picks</a>

India's growth to moderate to 6.4% in FY24: Asian Development Bank

<ul><li>The developing <keyword id="21718" type="General" weightage="100" keywordseo="asia" source="Orion">Asia</keyword>'s economy will grow 4.2 per cent this year and 4.6 per cent next year, <keyword id="6355976" type="General" weightage="80" keywordseo="adb" source="Orion">ADB</keyword> said.</li><li>The Asian Development Bank (ADB) has lowered its economic growth forecasts for the developing Asia region, amid a worsened global outlook.</li><li>Growth in China is expected to slow in 2022 to 3 per cent against a 3.3 per cent expansion predicted in a September report.</li></ul> The Manila-based bank maintained the gross domestic product growth projections for <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> at 7 per cent this fiscal year and 7.2 per cent next fiscal year. The Bank also added even with the downgraded forecast, developing Asia will still do better than other regions globally, both in terms of growth and inflation. The developing Asia's economy will grow 4.2 per cent this year and 4.6 per cent next year, ADB said in a regular supplement to the <keyword id="1006845" type="General" weightage="50" keywordseo="asian-development-outlook" source="Orion">Asian Development Outlook</keyword> (<keyword id="199985" type="General" weightage="50" keywordseo="ado" source="Orion">ADO</keyword>) 2022, released on Wednesday. ADB estimated in September that the economy of the region would grow 4.3 per cent in 2022 and 4.9 per cent in 2023. Monetary policy tightening by central banks globally and in the region, the protracted Russian invasion of Ukraine, and recurring lockdowns in the People's Republic of China (PRC) are slowing down developing Asia's recovery from the Covid-19 pandemic, ADB said. Restrictions under the "zero-Covid" approach, along with a struggling property market, have led to another downgrade of the PRC's growth outlook. "Asia and the Pacific will continue to recover, but worsening global conditions mean that the region's momentum is losing some steam as we head into the new year," said ADB Chief Economist <keyword id="128536" type="General" weightage="50" keywordseo="albert-park" source="Orion">Albert Park</keyword>. "Governments will need to work together more closely to overcome the lingering challenges of Covid-19, combat the effects of high food and energy prices--especially on the poor and vulnerable--and ensure a sustainable, inclusive economic recovery." ADB lowered its forecast for inflation in the developing Asia and the Pacific this year to 4.4 per cent from 4.5 per cent. However, the bank raised its projection for next year to 4.2 per cent from 4 per cent, due to lingering inflationary pressures from energy and food. Growth in China, which is the largest economy in Asia, is expected to slow in 2022 to 3 per cent against a 3.3 per cent expansion predicted in a September report. The forecast for next year was cut to 4.3 per cent from 4.5 per cent, due to the global slowdown, according to the Bank. Gross domestic product growth projections for India were maintained at 7 per cent this fiscal year and 7.2 per cent next fiscal year, according to the ADB. Even with the downgraded forecasts, the ADB expects developing Asia will still do better than other regions globally, both in terms of growth and inflation. ADB's growth forecast for <keyword id="53564" type="General" weightage="20" keywordseo="southeast-asia" source="Orion">Southeast Asia</keyword> this year was raised to 5.5 per cent from 5.1 per cent, amid robust consumption and tourism recovery in Malaysia, the Philippines, Thailand, and Vietnam. Projections for next year, however, were lowered to 4.7 per cent from 5 per cent due to weakening global demand. The growth forecast for the <keyword id="15779915" type="General" weightage="50" keywordseo="caucasus-and-central-asia" source="Orion">Caucasus and Central Asia</keyword> this year was upgraded to 4.8 per cent from 3.9 per cent, while the projection for the Pacific was raised to 5.3 per cent from 4.7 per cent, due to a strong tourism recovery in Fiji. ADO is published every April, with an update in September and brief supplements published normally in July and December. Developing Asia refers to the bank's 46 developing members. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/tata-motors-to-hike-prices-of-commercial-vehicles-by-up-to-2-from-january/articleshow/96193372.cms">Tata Motors to hike prices of commercial vehicles by up to 2% from January</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/not-good-for-govt-to-share-data-in-aggregated-form-g20-sherpa-amitabh-kant/articleshow/96192773.cms">'Not good' for govt to share data in aggregated form: G20 Sherpa Amitabh Kant</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/five-women-newsmakers-in-2022-in-india-droupadi-murmu-madhabi-puri-buch-samantha-ruth-prabhu-in-the-list/slidelist/96191677.cms">Droupadi Murmu, Madhabi Puri Buch, Samantha Ruth Prabhu and more: Five women newsmakers of 2022</a>

ADB trims economic growth forecast for developing Asia; retains India FY23 GDP growth at 7%

Above-normal rainfall is expected during the 2024 southwest <keyword id="6358301" type="General" weightage="20" keywordseo="monsoon" source="Orion">monsoon</keyword> season over most parts of <keyword id="19897710" type="General" weightage="20" keywordseo="south-Asia" source="keywords">south Asia</keyword>, the South Asian <keyword id="21481676" type="General" weightage="20" keywordseo="climate-outlook" source="keywords">Climate Outlook</keyword> Forum said on Tuesday. The forecast follows the prediction of above-normal rain in the monsoon season in <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> on the back of favourable <keyword id="20146476" type="General" weightage="20" keywordseo="La-Nina" source="keywords">La Nina</keyword> conditions, expected to set in by August-September. "Above normal rainfall is most likely during the 2024 southwest monsoon season (June-September) over most parts of south Asia, except some areas over northern, eastern, and northeastern parts of the region, where below-normal rainfall is most likely," the South Asian Climate Outlook Forum (SASCOF) said. Above-normal maximum and minimum temperatures are predicted over most parts of south Asia during the season, except a few areas over the southeastern part of the region where normal temperatures are most likely. This regional climate outlook for the 2024 southwest monsoon season has been developed by all nine National Meteorological and Hydrological Services (NMHSs) of south Asia with support from international experts at the 28th session of SASCOF-28, conducted online. SASCOF said moderate <keyword id="19949878" type="General" weightage="20" keywordseo="El-Nino" source="keywords">El Nino</keyword> conditions are prevailing at present. ENSO (El Nino-Southern Oscillation) neutral conditions are expected in the first half of the monsoon season. Thereafter, La Nina conditions may set in by the second half. El Nino conditions -- periodic warming of surface waters in the central Pacific Ocean -- are associated with weaker monsoon winds and drier conditions in India. La Nina conditions -- the antithesis of El Nino -- are the dominant factor in the likelihood of "above-normal" rainfall during the monsoon season, DS Pai, a senior scientist at the India Meteorological Department (IMD), told PTI. Positive Indian Ocean Dipole conditions, favourable for the Indian monsoon, are predicted in the later part of the season. Additionally, the snow cover in the northern hemisphere is low. The northern hemisphere winter and spring snow cover extent generally have an inverse relationship with the subsequent southwest <keyword id="20575709" type="General" weightage="20" keywordseo="monsoon-rainfall" source="keywords">monsoon rainfall</keyword> over south Asia. Earlier this month, the IMD said the seasonal rainfall in India will be on the higher side of 'above-normal' and pegged it at 106 per cent of the long-period average (87 cm). SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/mahindra-xuv-3xo-compact-suv-launched-in-india-starting-at-7-49-lakh/slidelist/109715525.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/mahindra-xuv-3xo-compact-suv-launched-in-india-starting-at-7-49-lakh/slidelist/109715525.cms" target="_blank">Mahindra XUV 3XO compact SUV launched in India starting at ₹7.49 lakh</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank">Upcoming cars and two-wheelers launching in India in May 2024</a><a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-may-2024/slidelist/109682003.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-may-2024/slidelist/109682003.cms" target="_blank">Upcoming smartphones launching in India in May 2024</a>

Above-normal monsoon rainfall predicted in south Asia

<ul><li>The COVID-19 pandemic has set back the fight against poverty in <keyword id="21718" type="General" weightage="100" keywordseo="asia" source="Orion">Asia</keyword> and the Pacific by at least two years, Asian Developement Bank claims. </li><li>Prevalence of extreme poverty in <keyword id="119132" type="General" weightage="80" keywordseo="asia-pacific" source="Orion">Asia Pacific</keyword> is expected to come down below 1 per cent by 2030.</li><li>About 25 percent of Asia-Pacific population may reach at least the middle-class status, earning ₹1,197 per day. </li></ul> Had COVID-19 not struck, Asia Pacific could have brought down extreme poverty to a level achievable in 2020 itself, enabling more people to improve living standards from surviving at less than USD 1.90 per day, an <keyword id="6355976" type="General" weightage="80" keywordseo="adb" source="Orion">ADB</keyword> report said. People surviving with less than $ 1.90 (about ₹ 152) per day fall under extreme poverty. The COVID-19 pandemic has set back the fight against poverty in Asia and the Pacific by at least two years, said the latest report by <keyword id="50190" type="General" weightage="50" keywordseo="asian-development-bank" source="Orion">Asian Development Bank</keyword> (ADB). The Manila-headquartered multilateral funding agency said many living in the Asia Pacific region will likely find it harder than before to come out of extreme poverty. "The region's economic growth this year is expected to reduce extreme poverty -- defined as living off less than $ 1.90 a day -- to a level that would have been achieved in 2020 had the pandemic not happened," according to <keyword id="14801692" type="General" weightage="50" keywordseo="key-indicators-for-asia" source="Orion">Key Indicators for Asia</keyword> and the Pacific 2022 released on Wednesday. Citing data simulations, ADB said those with lower pre-pandemic levels of social mobility, the ability to escape poverty, may witness "longer-lasting setbacks". COVID-19 has interrupted a long trend of poverty reduction, it said, adding that despite the economies seeming to be recovering the progress remains uneven. The pandemic may also have worsened forms of poverty beyond income, such as food insecurity and inadequate access to health services and education, said the report. "The poor and the vulnerable have been hit hardest by COVID-19, and while economies are recovering, many people may find that getting out of poverty is even more difficult than before," ADB Chief Economist Albert Park stated. Park said governments in the region should focus on resilience, innovation and inclusiveness to provide more balanced economic opportunities and greater social mobility for everyone. Going ahead, the prevalence of extreme poverty in Asia Pacific is expected to come down below 1 per cent by 2030, while about 25 per cent population may reach at least the middle-class status, meaning to have income/consumption of USD 15 or more in a day (about ₹1,197 per day) adjusted to purchasing power parity. However, ADB said this outlook is threatened by differences in social mobility as well as other uncertainties. "Developing Asia faces the potential for stagflation, ongoing conflicts involving key global actors, increased food insecurity, and energy price shocks." ADB has a total of 68 members of which 49 are from the Asia Pacific region.

Pandemic pushes back Asia Pacific's fight against extreme poverty by 2 years: ADB

<ul class="summary-list"><li>US stocks looked set to open higher after the <keyword id="11898248" type="UNKNOWN" weightage="60" keywordseo="sp-500" source="Orion">S&amp;P 500</keyword> rose by the most in nearly 3 weeks.</li><li>The Evergrande debt saga is still weighing on sentiment in Asian <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword>.</li><li>"China markets don't have a lot to cheer about today," an analyst said.</li></ul><ul class="summary-list"></ul>US stocks rose on Thursday as investors concentrated on strong regional manufacturing activity that underpinned confidence in the broader economic outlook, while debt problems at China's second-biggest property developer weighed on Asian equities.Futures on the <a href="https://markets.businessinsider.com/index/dow_jones">Dow Jones</a> rose 0.6%, while those on the <a href="https://markets.businessinsider.com/index/s&amp;p_500_500">S&amp;P 500</a> and <a href="https://markets.businessinsider.com/index/nasdaq_100">Nasdaq</a> rose 0.8% as of 5:10 a.m. ET, suggesting a higher start to trading later in the day.The NY Empire State Manufacturing Index, a gauge for business conditions for New York manufacturers, massively beat expectations in September, <a href="https://www.newyorkfed.org/survey/empire/empiresurvey_overview">jumping to 34.3</a> from 18.3 in August. Analysts expected a reading of 18."That was enough to flush out the pent-up dip buyer demand out there with markets proclaiming the US recovery was back on track," Jeffrey Halley, a senior market analyst at OANDA, said.Investors chose to focus on this piece of data, rather than soft US industrial production figures overnight, which missed expetations.The S&amp;P 500 rose by its most in nearly 3 weeks on Wednesday, rising 0.8%, as cyclical industries and tech stocks took the index back to within 1.3% of its all-time highs, Deutsche Bank strategists said. The Nasdaq closed 0.8%, finishing higher for the first time in six sessions.US weekly jobs data and monthly retail sales are due later Thursday.Asian equities fell as sentiment was still centered around the unfolding collapse of Evergrande after the <a href="https://www.reuters.com/business/fitch-says-possible-china-evergrande-default-may-have-broader-effects-2021-09-15/">housing authority notified China's major banks</a> that the property developer won't be able to pay interest payments on loans due September 20.The <a href="https://markets.businessinsider.com/index/shanghai_composite">Shanghai Composite</a> fell 1.3%, Tokyo's <a href="https://markets.businessinsider.com/index/nikkei_225">Nikkei</a> fell 0.6%, and Hong Kong's <a href="https://markets.businessinsider.com/index/hang_seng">Hang Seng</a> fell 1.4%The Hang Seng Composite Index that tracks properties and construction stocks fell as much as 4.3% at one point. That included big declines for developers like Guangzhou R&amp;F, which plunged 12.2%, and Sunac China, which fell 11.5%."Coming after the carnage in gaming stocks this week after the latest government investigation targeted Macau's casinos, China markets don't have a lot to cheer about today," Halley said.The government in Macau, the only location in China where gambling is legalized, said this week it would begin consultation on a <a href="https://markets.businessinsider.com/news/stocks/wynn-las-vegas-sands-stock-prices-macau-gambling-review-china-2021-9">potential overhaul of the industry</a>. Meanwhile, European stocks traded higher on Wednesday, driven by a 20% jump in Lagardere after French media giant Vivendi said it would buy a stake in the publishing firm.Paris' <a href="https://markets.businessinsider.com/index/cac_40" target="_blank" rel="noopener noreferrer">CAC 40</a> rose 1%, making it one of the stand-out performers in the region. <a href="https://markets.businessinsider.com/index/ftse_100">London's FTSE 100</a> gained 0.5% and the <a href="https://markets.businessinsider.com/index/euro_stoxx_50">Euro Stoxx 50</a> rose 0.8%.Oil prices made solid gains after data showed nationwide crude inventories fell more than expected in the latest week, allaying some concern about the demand outlook. <a href="https://markets.businessinsider.com/commodities/oil-price?type=brent">Brent crude</a> was last trading 0.2% higher at $75.64 a barrel and <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate</a> rose 0.2% to $72.75 a barrel.Read More: <a href="https://www.businessinsider.com/reddit-top-meme-stocks-today-apple-iphone-amc-smiledirectclub-sdc-2021-9">Top 11 meme stocks this week on Reddit: SmileDirectClub roars higher, Apple buzzes with iPhone announcement, and GameStop tops the charts again</a>

US stocks rise on investor confidence in economic outlook, while Chinese property stocks dent Asian equities

<ul><li>The Reserve Bank of India on Thursday made a moderate revision in its growth and inflation outlook for FY24. </li><li>Citing robust urban demand and a healthy growth in rural demand during Q4, <keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword> increased the FY24 GDP growth outlook to 6.5% from 6.4% earlier. </li><li>RBI has projected FY24 inflation at 5.2% from 5.3% earlier, citing robust rabi harvest, easing commodity prices and expectations of a normal monsoon. </li></ul>The Reserve Bank of India on Thursday revised India’s economic growth outlook upwards, expecting a real gross domestic product (GDP) growth rate of 6.5% in FY24, crediting it to a resilient economy in Q4 FY23. This is a 10 basis point increase from the previous Monetary Policy Committee (<keyword id="6369693" type="General" weightage="80" keywordseo="mpc" source="Orion">MPC</keyword>) announcement in February, which pegged FY24 GDP growth at 6.4%. RBI governor Shaktikanta Das announced the upward revision in the GDP growth outlook during the<a href="https://www.businessinsider.in/finance/news/rbis-monetary-policy-committee-keeps-repo-rate-unchanged-at-6-5/articleshow/99284354.cms"> MPC announcement today</a> while keeping the repo rate unchanged at 6.5%. Das said that the Indian economy is projected to grow at 7.8% in Q1 FY24, and subsequently at 6.2%, 6.1% and 5.9% in the second, third and fourth quarters, respectively. <div type="image" title="India GDP FY24 RBI projection April 2023." msid="99289989" hostid="261" sizebytes="13812" caption="&amp;lt;p&amp;gt;RBI&amp;#39;s FY24 GDP growth projection&amp;lt;/p&amp;gt;"></div> “While the numbers may not really be significant, the messaging is subtle that the MPC expects the economy to fare well on both counts this year,” said Madan Sabnavis, chief economist, Bank of Baroda. <cmsannotation type="cmsannotation" annotationid="Resilient economy, healthy growth in rural demand" comment="subhead" text="Resilient economy, healthy growth in rural demand">Resilient economy, healthy growth in rural demand</cmsannotation> Crediting the upward revision to a resilient economic performance in Q4, Das said that the overall demand scenario was robust in Q4 – while urban demand remained robust, rural demand had also seen a healthy growth in consumer non-durables, tractors and two-wheeler sales. “Looking ahead, the higher rabi production has brightened the prospects for the agriculture sector and rural demand. The steady growth in contact-intensive services should be positive for urban demand,” Das said. According to the analysts at ICICI Securities, too, high frequency indicators like GST collections, auto sales, air traffic, power demand, among other factors suggest that data does not corroborate the thesis of a slowdown in India. In contrast, data does suggest a slowdown in developed markets, the brokerage said. Echoing similar sentiments, Suvodeep Rakshit, Senior Economist, Kotak Institutional Equities, said, “The RBI remains comfortably on the growth front, for now. We believe the risks to this outlook are skewed towards the downside.” With that being said, some analysts say RBI’s 6.5% growth projections could be slightly on the optimistic side. It is worth noting that the World Bank revised India’s FY24 growth projections slightly downwards to 6.3% from 6.6% earlier. “The 6.5% GDP growth rate appears to be on the optimistic side when seen in the context of a slowing global economy,” said VK Vijayakumar, chief investment strategist at Geojit Financial Services. The Asian Development Bank too expects India’s growth to moderate to 6.4% in FY24 from 6.8% in FY23. Das, too, hedged growth expectations by stating that there are additional downside risks from financial stability concerns, alluding to the banking sector crisis in the US and Europe. For context, the International Monetary Fund, too, has trimmed the 2023 growth outlook for the global economy to 2.9% from 3.4% in 2022. <cmsannotation type="cmsannotation" annotationid="Inflation expected to soften, but battle not over yet" comment="subhead" text="Inflation expected to soften, but battle not over yet">Inflation expected to soften, but battle not over yet</cmsannotation> In a similar vein, RBI has trimmed its consumer price index (CPI) inflation expectations for FY24 marginally from 5.3% earlier to 5.2% now. <div type="image" title="CPI inflation FY24 RBI projection April 2023." msid="99290019" hostid="261" sizebytes="13944" caption="&amp;lt;p&amp;gt;RBI&amp;#39;s FY24 CPI inflation projection&amp;lt;/p&amp;gt;"></div> However, RBI’s battle against inflation is not over yet – in fact, Das said that the MPC will step in if the need arises. “The war against inflation will continue until we see a durable decline in inflation, closer to the target. The MPC will not hesitate to take further action as may be required in its future meetings,” Das said. He also noted that the core inflation is still ‘rigid’, further reinforcing the fact that the inflation battle will be “gradual and protracted”. One of the factors which could spoil RBI’s inflation projections is the threat of El Niño, which could adversely impact farm output. Earlier, the Finance Ministry had also flagged its concerns amidst an IMD prediction of above-normal temperatures in India this year. “An El Nino this year will negatively impact kharif sowing and next year’s rabi sowing due to lower availability of water,” said JM Financial. On the whole, while making marginal revisions in its GDP and inflation outlook, Das said he is confident that the MPC is on the right track and is maintaining an agile stance to ensure the financial system’s stability, recalling Kautilya’s (also known as Chanakya) advice: “Be not slack before the whole job is finished”. The first MPC meet of FY24 has set a positive tone on both the critical fronts of growth and inflation. It remains to be seen if it is on the right track or if a course correction is required down the path. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/rbis-monetary-policy-committee-keeps-repo-rate-unchanged-at-6-5/articleshow/99284354.cms">RBI’s Monetary Policy Committee keeps repo rate unchanged at 6.5%, for now</a> <a href="https://www.businessinsider.in/stock-market/news/after-the-ides-of-march-analysts-pick-best-stocks-that-can-be-bought-on-dips/articleshow/99272438.cms">After the Ides of March, analysts pick best stocks that can be bought on dips</a> <a href="https://www.businessinsider.in/finance/news/-jio-financial-services-demerger-and-listing-a-key-moment-for-reliance-stock/articleshow/99264110.cms">Jio Financial Services demerger and listing a ‘key moment’ for Reliance stock</a>

RBI revises India’s FY24 growth outlook, expects softer inflation on the back of lower commodity prices

<ul class="summary-list"><li>Some investors see India as the new China, but the South Asian economy still has to narrow a few gaps.</li><li>India is lagging behind China in national literacy, infrastructure investment, and a supply-chain ecosystem.</li></ul>India is shaping up to be the biggest growth story of the moment, as evidenced by <a href="https://www.reuters.com/technology/apple-says-it-is-excited-be-manufacturing-iphone-14-india-2022-09-26/" target="_blank" rel="noopener">tech giant Apple</a> and <a href="https://www.reuters.com/technology/micron-confirms-up-825-mln-investment-india-chip-facility-2023-06-22/" target="_blank" rel="noopener">chipmaker Micron</a>'s recent efforts to enter the market.The country's potential appears brighter after its population surpassed China's, <a href="https://markets.businessinsider.com/news/stocks/india-economy-beat-us-gdp-by-2075-goldman-sachs-2023-7#:~:text=India's%20economy%20is%20on%20track%20to%20surpass%20the%20US%20by,China%20and%20the%20US%2C%20respectively" target="_blank" rel="noopener">prompting many observers to tout the South Asian country</a> as the next economy to watch. There's so much optimism about India that <a href="https://www.goldmansachs.com/intelligence/pages/how-india-could-rise-to-the-worlds-second-biggest-economy.html" target="_blank" rel="noopener nofollow">Goldman Sachs</a> forecasts <a href="https://markets.businessinsider.com/news/stocks/india-economy-beat-us-gdp-by-2075-goldman-sachs-2023-7">India's economy will surpass the US</a> by 2075.But <a href="https://www.businessinsider.com/india-business-market-entry-barriers-tariffs-supply-chain-china-2023-6" target="_blank" rel="noopener noreferrer">India isn't an easy landscape</a> for foreign investors to navigate. This is "<a href="https://www.businessinsider.com/india-is-the-new-china-2016-6" target="_blank" rel="noopener noreferrer">not the first time people have said India is on the rise</a> and then watched it make a series of major political errors or have political problems at home that stalled that growth," Pramit Chaudhuri, the head of the South Asia practice at Eurasia Group, told the firm's <a href="https://www.gzeromedia.com/is-india-the-new-china-not-quite" target="_blank" rel="noopener noreferrer">GZERO Media outlet.</a>"It might happen, but it would require India to get a lot of things right," Chaudhuri added.Here are four ways India is still playing catch-up to its Asian rival, China.<h2>1. India lacks the supply chain ecosystem of China</h2>Despite Prime Minister Narendra Modi's push to attract foreign direct investments since he took office in 2014, India's manufacturing system still lags behind China."India lacks the manufacturing ecosystem that has been a key driver of China's phenomenal economic growth," analysts at Swiss bank UBS wrote in a <a href="https://www.ubs.com/us/en/wealth-management/insights/market-news/article.1591577.html" target="_blank" rel="noopener">May 17 note titled "Is India the new China?"</a>Experts told Insider in December that while India is seen as an up-and-coming contender to China thanks to its burgeoning young population, it still doesn't quite have the set-up to be a manufacturing powerhouse.According to these experts, India doesn't have the interconnectivity of a large ecosystem like in China, where products are built from parts sourced directly in the country.Indian manufacturers often need to import parts from outside the country — thereby adding to the cost of the finished product, they said. <h2>2. India's infrastructure investments lag China's</h2>One reason India hasn't built up the extensive web of manufacturing facilities that China has managed to construct is that it hasn't been spending as much on infrastructure.For example, in pre-COVID 2019, China invested about 6.5% of its GDP in infrastructure development, while India invested just 4.5% — something the government is working on boosting, per UBS' May 17 note.However, the Indian government has committed to ramping up infrastructure spending, Modi's administration <a href="https://www.reuters.com/world/india/india-202324-budget-raises-capex-spend-10-trillion-rupees-2023-02-01/">announced in February</a>. It raised capital investments by 33% in this fiscal year to 10 trillion Indian rupees, or $121 billion.<h2>3. India's social indices still lag behind China's</h2>Even though India's population surpassed China's, its social indices — such as literacy rates — still lag behind those of the East Asian nation, according to Eurasia Group's Chaudhuri.About 78% of Indians are literate — but the percentage drops to 62% for women, according to data released by the <a href="https://knowindia.india.gov.in/profile/literacy.php" target="_blank" rel="noopener">Indian government</a> in November 2019. On the other hand, as of 2020, about <a href="https://data.worldbank.org/indicator/SE.ADT.LITR.ZS?locations=CN" target="_blank" rel="noopener">97% of Chinese nationals were literate</a>, per World Bank data. A lower literacy rate means that India doesn't quite have the big pool of skilled labor that China has — and this labor pool has been a major part of China's growth story. Furthermore, about 1.6 million Indians were enrolled in vocational education in 2021, <a href="https://pib.gov.in/Pressreleaseshare.aspx?PRID=1783494" target="_blank" rel="noopener">according to the country's government.</a> In China, about 5.6 million people enrolled in higher vocational colleges in the same year, state-owned outlet <a href="https://www.chinadaily.com.cn/a/202205/25/WS628d8782a310fd2b29e5ecf2.html" target="_blank" rel="noopener">China Daily reported,</a> citing the education ministry.<h2>4. Business processes can take longer in India due to decentralized decision-making</h2> As the world's largest democracy, <a href="https://www.businessinsider.com/china-india-supply-chain-covid-sanctions-manufacturers-relocating-tariffs-options-2022-12" rel="">decision-making can get complicated</a> in India. "As a federal system, power and decision-making are decentralized in India, with differences at the state level in political leadership, quality of governance, regulations, taxation, and labor relations," the US International Trade Administration <a href="https://www.trade.gov/country-commercial-guides/india-market-challenges">wrote in September</a>, in a post outlining market challenges in India.While China also has issues like compliance and licensing, it can still move more quickly than India, simply because the South Asian nation is "much more democratic and there are just too many stakeholders to satisfy," Ashutosh Sharma, a research director at market researcher Forrester, <a href="https://www.businessinsider.com/china-india-supply-chain-covid-sanctions-manufacturers-relocating-tariffs-options-2022-12" target="_blank" rel="noopener">told Insider in December.</a>It took 18 days to start a business in India in 2019 — double the time it took in China, according to <a href="https://data.worldbank.org/indicator/IC.REG.DURS" target="_blank" rel="noopener">World Bank data.</a> The report this measure came from has since been discontinued.But India is still a bright spot in the current global economy, with tremendous growth potential, analysts say."All in, we think India's secular growth outlook is more promising than China's. Still, the economic development gap between the two countries will take a long time to meaningfully narrow, in our view," UBS analysts wrote.

India's been touted as the new China — but here are 4 key areas where the South Asian giant is still playing catch up

<ul><li>Led by JioSaavn co-founder and former CEO, Rishi Malhotra, <keyword id="10602581" type="General" weightage="20" keywordseo="luminary" source="Orion">Luminary</keyword> is known for its unique audio shows combining sound design, music, archival footage, and smart dialogue. </li></ul><ul><li>The company is launching in India with two original <keyword id="15581720" type="General" weightage="20" keywordseo="south-asian-podcasts" source="Orion">South Asian podcasts</keyword> featuring Masaba Gupta and Konkona Sen Sharma.</li></ul><a href="http://luminary.link/india">Luminary</a>, the world’s leading subscription-based podcast and audio entertainment network, has announced its official launch in India, with an elevated content slate for global South Asians. The network is launching two new shows today: Konkona Sen Sharma-hosted <a href="http://luminary.link/barefootboys">Barefoot Boys</a> based on India’s historic soccer win against the British in 1911, and <a href="http://luminary.link/masaba">How I Masaba</a> helmed by fashion mogul Masaba Gupta in conversation with remarkable women on business, art, culture and more. The network arrives in India with a focused goal of creating a refined podcast listening experience, serving as a ‘cultural label’ for the voices of India. Luminary’s pioneering format – best exemplified through its award-winning podcast, <a href="https://luminary.link/VPDoiKauDfb">The Midnight Miracle</a>, hosted by Dave Chappelle, Talib Kweli and Yasiin Bey – caters to an audience that actively seeks smart, entertaining, and dynamic audio content. Having seen considerable success globally with names like Chappelle, Lena Dunham, and Russell Brand, Luminary will extend its content legacy to the Indian market. Luminary will develop and curate localized stories with a global appeal. Launching two original South Asian podcasts in India First on <a href="http://luminary.link/india">Luminary</a> is <a href="http://luminary.link/barefootboys">Barefoot Boys</a>, one of India’s greatest sports stories. The podcast will recreate the untold story of 11 barefooted Indian football players who defeated a trained, experienced British team during a 1911 match. Giving voice to the real-life ‘Lagaan’ moment is National Award-Winning Actor Konkona Sen Sharma. <div type="image" title="Rema Chaudhary for Luminary" msid="95675376" hostid="261" sizebytes="41228"></div>In <a href="http://luminary.link/masaba">How I Masaba</a>, the iconic business and creative leader Masaba Gupta takes a seat opposite fellow pioneering women who are breaking ceilings, barriers and boundaries. In this light-hearted, insightful business-meets-life podcast, Masaba will get chatty with the changemakers, taste-makers and the trend-setters of modern India, setting the pace for the next-gen ‘sheroes.’ <div type="image" title="Rema Chaudhary for Luminary" msid="95675406" hostid="261" sizebytes="48256"></div>Talking about her upcoming podcast, Masaba Gupta shares “I was always interested in back stories of badass women who have conquered so much. This is going to be really special since I get to talk to women I am inspired by every day! Expect a non-preachy, honest and crazy exchange of ideas, stories, and even mishaps.” Commenting on the concept of Barefoot Boys, Konkona Sen Sharma said “The tale of Barefoot Boys is timeless. It will stand the test of time even 100 years from now. This is the power and guts of the story. I am honored to tell this story, as a Bengali and more so as an Indian. Luminary has done a great job bringing this concept to fruition, which I am sure will be well-appreciated by audiences” Luminary forays into India Luminary plans to address and innovate the content and business models in India by leading the country’s untapped paid-subscription audio listening base. Commenting on the market entry, Rishi Malhotra, Luminary CEO said, “India is an important growth market for podcasting, storytelling, and Luminary. Our shows truly blur the lines between podcast and art, and we’re excited to bring this unique approach into one of the world’s most rich and dynamic cultures. There are endless stories to uncover in India, and we look forward to telling them through a premium, subscription-based model that entertains and elevates.” Luminary will work towards building a premium podcast space where discerning listeners can access high quality podcast productions through a subscription model. The network invests talent and funds to ensure a superior listening experience. India is the third largest podcast consumer having 57.6 million monthly listeners (PwC's Global Entertainment &amp; Media Outlook 2020). Amidst this vast listener base, Luminary recognises the unexplored readiness of avid consumers to turn subscribers to access first-rate content. Expanding footprint Luminary has also partnered with Times Bridge to scale and expand its reach in India. The US-based network presents original content from superstar content creators across music, sports, comedy and culture and has won awards from the prestigious outlet The New Yorker, as well as The Webby Awards and Adweek to name a few. Viral Jani, EVP &amp; India Country Head, Times Bridge said, "Luminary's entry in the Indian market coincides with the exceptional growth in audio consumption across the country in recent years. With its vibrant cultural and demographic diversity, India is now the world’s third-largest podcast market, after China and the United States, where consumers are increasingly turning to high-quality audio experiences for entertainment, self-improvement, and awareness. We are delighted that Luminary is bringing its premium audio experience with Indian original shows to India’s thriving podcast market and are committed to furthering its mission of revolutionizing the non-music audio entertainment space in the country."

Luminary, the world’s leading subscription podcasting and audio network, launches in India with two inspiring new shows featuring Masaba Gupta and Konkona Sen Sharma

New Delhi, Jul 15 () Asian Paints sees the near term outlook as "bleak" following COVID-19 disruption, but going forward it is optimistic and is focusing on medium to long term prospects, according to the company's annual report. Paint being a discretionary spend item, there is a likelihood of customers putting their paint requirements on hold. Moreover, the real estate market is unlikely to recover soon and hence the industry would be looking for increased focus from the government in pushing infrastructure investments, Asian Paints said in its annual report for 2019-20. "The outlook in the near term looks bleak due to the spread of COVID-19 affecting our operations across units. However, as we focus on the medium to long term, we are optimistic that our units now have the intrinsic strength and scale to withstand the storm and emerge stronger to launch into a new trajectory in the coming year," Asian Paints said. The domestic paint industry, which consists of - decorative and industrial paint - segment is estimated at Rs 50,000 crore. The decorative paint segment comprising categories such as exterior wall paints, interior wall paints, wood finishes, enamels, undercoats such as primers, putties among others constitutes more than 75 per cent of the paint market. While the rest 25 per cent is from the industrial paint segment, which comprises of automotive coatings, marine coatings, packaging coatings, powder coatings, protective coatings, floor coatings and other general industrial coatings, it said. The company said that the overall demand conditions remained challenging during the course of FY 2019-20 due to the tough operating environment experienced by a large part of the domestic economy. "In general, paint demand mirrors the overall GDP growth in the economy. Hence, as soon as the overall demand in the economy improves, the demand conditions for the paint industry would also witness improvement," it said. The paint industry would also have to wait for the return of the migrant workforce to support the demand-generating sectors such as real estate and infrastructure development, it said. "The government's push on infrastructure development will be critical to spur the demand from these segments. At the same time, given the overall uncertainty in business conditions, raw material prices, as well as exchange rates, are expected to exhibit increased volatility. They would need to be critically monitored to cushion the impact on profitability," it added. In FY 2019-20, Asian Paints reported a standalone net sales of Rs 17,194.1 crore registering a growth of 4.9 per cent. Besides India, Asian Paints has operations in 14 countries across four regions of the world – South Asia and Indonesia, the Middle East, South Pacific and Africa. The company's products and services are sold under seven corporate brands, namely Asian Paints, SCIB Paints, Apco Coatings, Asian Paints Berger, Taubmans, Causeway Paints and Kadisco Asian Paints. KRH RKL DRR DRR

Near term outlook bleak but optimistic about medium, long term prospects: Asian Paints

<ul class="summary-list"><li><keyword id="60973" type="UNKNOWN" weightage="60" keywordseo="biden" source="Orion">Biden</keyword> has repeatedly said the US is the only country to turn every crisis into an opportunity.</li><li>The remark glosses over the fact that crises like the Vietnam War and 9/11 attacks left the US worse off.</li></ul><keyword id="11917122" type="UNKNOWN" weightage="60" keywordseo="president-joe-biden" source="Orion">President Joe Biden</keyword> has repeatedly cheered how the US is "the only nation that has turned every crisis we ever faced into an opportunity."He said it during <a href="https://www.businessinsider.com/biden-state-of-union-inflation-manchin-child-tax-credit-economy-2022-3">his first formal State of the Union address</a> on March 2. He used the same remark when he <a href="https://www.businessinsider.com/biden-oil-release-lower-gas-prices-stockpile-russia-ukraine-inflation-2022-3">unveiled plans to lower gas prices</a> on March 31. The clause reappeared on Tuesday as Biden cheered his $1 trillion infrastructure plan in New Hampshire, adding it describes "<a href="https://www.whitehouse.gov/briefing-room/speeches-remarks/2022/04/19/remarks-by-president-biden-on-investments-in-the-bipartisan-infrastructure-law/">the history of the journey of this country</a>."In many ways, the remark fits the zeitgeist. The <keyword id="11893570" type="UNKNOWN" weightage="100" keywordseo="economy" source="Orion">economy</keyword> <a href="https://www.businessinsider.com/march-jobs-report-431000-payrolls-hiring-unemployment-rate-labor-market-2022-3">has recovered nearly all the jobs it lost</a> at the start of the pandemic. Americans are <a href="https://www.businessinsider.com/consumer-spending-pce-february-inflation-weakens-americans-shopping-spree-2022-3">spending the most they ever have</a>. Wages are <a href="https://www.businessinsider.com/employment-cost-index-q4-wage-growth-labor-shortage-job-market-2022-1">rising at an extraordinary pace</a>.But look to some past crises and Biden's promising message falls apart. The remark ignores the many US crises that didn't end in opportunity and instead created new challenges. It also disregards the transcendent rebounds seen in several other countries.The US has a history of staging strong recoveries, but it's not perfect and it's far from the only one to do so.<h2>Not all US crises gave way to opportunity</h2>As far as crisis track records go, America's is strong. The Great Depression gave way to the New Deal. World War II paved the way for one of the greatest economic expansions in US history. The inflation woes of the 1970s and early 1980s led to the economic boom under President Ronald Reagan.Other crises, however, have ended with little in the form of fresh opportunity. The country's escalating involvement in the Vietnam War proved broadly detrimental, with nearly 60,000 US service members killed or missing in action. The peace treaty that led to the US's exit was almost immediately ignored, and full-scale fighting quickly resumed. The last Americans in Saigon were airlifted out of the city as it fell to communist forces.The conflict is widely regarded as one of the biggest military blunders in US history. It also coined the phrase "Vietnam Syndrome," which is still used to describe the American public's aversion to military intervention abroad. Not only did the war's conclusion yield little opportunity, it left the US with tens of thousands dead, its international reputation tarnished, and eroded trust in the federal government.The aftermath of the 9/11 attacks was similarly devoid of fresh opportunity. While optimists may point to a renewed sense of unity immediately after the attacks, 9/11 also revealed and stoked intense Islamophobia around the country. Mosques were destroyed and Muslims were harassed, threatened, and even attacked in the months after the attacks, according to a roundup from the <a href="https://www.splcenter.org/news/2011/03/29/anti-muslim-incidents-sept-11-2001">Southern Poverty Law Center</a>. The attacks also sparked the War on Terror that's since been criticized as unnecessarily long, poorly planned, and <a href="https://www.wilsoncenter.org/article/timeline-the-rise-spread-and-fall-the-islamic-state">a major factor in the formation of ISIS</a>. The invasion of Iraq specifically has come under scrutiny for destabilizing the Middle East and sparking the US military's decades-long presence in the region. The US's occupation of Afghanistan also soured, with forces staying in the country for 21 years and the Taliban taking control of the government as soon as American troops left.Even the US's economic-recovery record is far from perfect. The rebound after the 2008 financial crisis featured a bevy of missteps, from <a href="https://www.businessinsider.com/economic-stimulus-outlook-state-local-government-aid-needed-risks-experts-2020-12">insufficient aid for state and local governments</a> to Federal Reserve rate hikes that <a href="https://www.wsj.com/articles/fed-raised-interest-rates-in-2015-despite-concerns-over-growth-inflation-11610140778">prematurely slowed the labor market's recovery</a>. While lessons learned from the Great Recession have been critical to powering the current recovery, they also detail how unnecessary the plodding recovery of the 2010s was, particularly for low- and middle-income Americans hit hardest by the housing crisis.<h2>The US isn't the only country to turn its crises around</h2>The US's crisis track record isn't just imperfect, it's also far from unique. Several other countries have exhibited similar rebounds after periods of economic and civil upheaval.Among the most transcendent were those that came after World War II. England quickly rebuilt in the wake of mass bombing during the conflict. Reconstruction of the country's capital began immediately after the war ended, and the following years <a href="https://www.mercatus.org/publications/economic-history/economic-recovery-lessons-post-world-war-ii-period">saw the government invest heavily</a> in building new homes, improving services, and developing localities outside London. The UK introduced free healthcare and massively improved public education over the postwar period.Japan exhibited an even bigger turnaround. The Allied air campaign that culminated in the dropping of nuclear bombs on Hiroshima and Nagasaki devastated the country, but the following years saw <a href="https://hbr.org/1998/01/reinterpreting-the-japanese-economic-miracle">an extraordinary recovery</a> shape Japan into the world's third-largest economy after the US and the Soviet Union.The government shifted its economic focus to the production of raw materials like cotton and steel, which saw huge demand as other countries involved in the war pursued their own recoveries. Japan also adopted stringent recruitment measures that boosted female employment and further accelerated the country's growth. The rebound through the late 1940s and 1950s laid the foundation for Japan's role as a modern industrial superpower.South Korea's ascent to economic prosperity offers a more recent example. The country's economy was hammered by the 1997 Asian financial crisis, with gross domestic product shrinking by 5.7% through the following year.Yet South Korea's <a href="https://www.stlouisfed.org/on-the-economy/2018/march/how-south-korea-economy-develop-quickly#:~:text=South%20Korea%20has%20experienced%20one,product%20(GDP)%20in%202016.">shift toward high-technology manufacturing</a> — which began in the early 1990s — powered a stellar rebound throughout the 2000s. Exports of computer chips surged while the country's automotive and shipbuilding industries remained strong. The aftermath of the late-1990s crisis spurred an economic transformation that, in the span of just a few decades, has rapidly elevated South Korea's trade power.The US has repeatedly shown it can bounce back from a crisis stronger than it was. But it's far from the only country to do so, and other nations' rebounds offer similarly valuable lessons in turning downturns into opportunities.

One of Biden's favorite lines about the US economic recovery doesn't hold water

<ul class="summary-list"><li>The <keyword id="11898619" type="UNKNOWN" weightage="60" keywordseo="world-bank" source="Orion">World Bank</keyword> lowered its forecast for global economic growth on Monday, citing Russia's invasion of Ukraine.</li><li>The organization sees growth hitting 3.2% in 2022, down from the January estimate of 4.1%.</li></ul>The economic recovery from the pandemic was already expected to slow as markets and supply chains around the world gradually returned to normal, but Russia's invasion of Ukraine is hitting the brakes harder than economists expected just months ago.The World Bank slashed its forecast for global growth on Monday, citing the conflict in Ukraine and its sweeping effects on inflation, supply chains, and financial-sector stress. The organization now sees global economic output rising 3.2% through 2022, President David Malpass said Monday, according to <a href="https://www.reuters.com/business/world-bank-says-war-cut-global-growth-boosts-financing-target-2022-04-18/?taid=625d6ee92d4cd2000149a7ec&amp;utm_campaign=trueAnthem:+Trending+Content&amp;utm_medium=trueAnthem&amp;utm_source=twitter">Reuters</a>. That's down from the 4.1% forecast the bank's economists shared in January.If the projection comes to fruition, growth will be around half the 5.7% pace seen through 2021. While global gross domestic product has already rebounded from the lows of the coronavirus <keyword id="12460783" type="UNKNOWN" weightage="60" keywordseo="recession" source="Orion">recession</keyword>, the recovery has been uneven.Advanced economies led the way by unleashing unprecedented government stimulus and historically low interest rates. Developing countries, however, lacked the same tools for buoying their economies and have generally recovered at a much slower clip. The Delta and Omicron waves saw similar divergences, as <a href="https://www.businessinsider.com/map-vaccine-divide-few-rich-countries-rest-world-2021-7">vaccine rollouts have also been uneven</a>.The World Bank even sees the European and Central Asian economies shrinking 4.1% through the year, Reuters reported. The contraction — which the organization sees as the biggest factor dragging on overall global growth — is mostly tied to the conflict in Ukraine and its effects on inflation.The war has already boosted prices for a range of crucial commodities <a href="https://www.businessinsider.com/russia-ukraine-inflation-lifting-prices-american-shoppers-gas-wheat-nickel-2022-3">including oil, wheat, fertilizer, and natural gas</a>. The uptick in prices has raised concerns that, in order to cool inflation, <a href="https://www.businessinsider.com/recession-outlook-arguments-inflation-forecasts-federal-reserve-ukraine-war-downturn-2022-4">central banks will slow major economies too aggressively</a> and spark new recessions.Along with the weaker economic forecasts, Malpass also proposed a 15-month aid plan of $170 billion to counter war-related economic stresses. The organization aims to dole out $50 billion of the funds over the next three months."This is a continued, massive crisis response given the continuation of the crisis," Malpass said, according to <a href="https://www.bloomberg.com/news/articles/2022-04-18/world-bank-cuts-2022-global-growth-outlook-on-russia-invasion?srnd=economics-vp">Bloomberg</a>.The announcement comes days before the World Bank holds a spring meeting that's expected to address inflation, food insecurity, and other economic pressures linked to the invasion.The World Bank's latest estimates join others bracing for a weaker recovery in the months ahead. Federal Reserve policymakers <a href="https://www.businessinsider.com/federal-reserve-inflation-economic-projections-march-fomc-meeting-price-growth-2022-3">lowered their US growth forecast</a> in mid-March, linking the bleaker outlook to the invasion and sky-high inflation. Wall Street giant Deutsche Bank went one step further in early April, lowering its growth estimates and <a href="https://www.businessinsider.com/stock-market-crash-forecasts-wall-street-deutsche-bank-recession-2022-4">predicting the US will slide into a recession</a> by the end of 2023.The World Bank's latest estimates still see the world <keyword id="11893570" type="UNKNOWN" weightage="100" keywordseo="economy" source="Orion">economy</keyword> avoiding a recession. But with the war pushing forward and <a href="https://www.businessinsider.com/inflation-cpi-march-price-growth-report-gas-food-costs-climbing-2022-4">inflation running at the highest levels in decades</a>, downside risks abound.

You Searched For "asian development outlook" and got 11 results

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India's been touted as the new China — but here are 4 key areas where the South Asian giant is still playing catch up

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One of Biden's favorite lines about the US economic recovery doesn't hold water

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