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India Is The Fastest Growing Economy In Asia With 7.3% Growth In 2018: ADB Report

JAVED SAIFI | 0
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| July 19 , 2018 , 11:59 IST

Indian economy is on track to meet FY 2018 expected growth of 7.3 percent and will accelerate to 7.6 percent in 2019 despite the rising trade tensions between the United States and its trading partners, as per the released report by Asian Development Bank on Thursday.

Led by India, South Asia will continue to be the fastest growing economies.

The measures taken to strengthen the banking system and tax reform to boost investment in the country are the reasons for India's economy to remain on track.

Also Read: India Surpasses France To Become 6th Largest Economy In The World

Pakistan and Bangladesh also recorded notable agricultural growth improvement over the last year 2017 in the region.

India's rival China also picked up but will remain at 6.0 percent in 2018 and 5.8 percent in 2019.

ADB Chief Economist, Yasuyuki Sawada says, “Although rising trade tensions remain a concern for the region, protectionist trade measures implemented so far in 2018 have not significantly dented buoyant trade flows to and from developing Asia.”

“Prudent macroeconomic and fiscal policymaking will help economies across the region prepare to respond to external shocks, ensuring that growth in the region remains robust,” he added.

Central Asia is also expected to record a growth from 4.0 percent to 4.2 percent in 2018 and from 4.2 percent to 4.3 percent in 2019.

Central Asia’s largest economy Kazakhstan's economy rises up to 4.1 percent in the first quarter of 2018, higher than 3.6 percent recorded for the same period in 2017.

Indian economy is projected to generate a growth of 7.4 percent in 2018 and 7.8 percent in 2019 according to the International Monetary Fund (IMF).