The sharp decline in the Chinese GDP growth in 2022 was blamed on a host of factors mainly China shutting itself from the outside world due to zero Covid policy. The slow pace was blamed mainly on the strictly implemented zero-Covid policy leading to periodic lockdowns and the ruling Communi
The World Bank's revision of Indian GDP growth projections from 6.4 per cent to 6.9 per cent in the current fiscal year is one among the many affirmations Indian policies and reforms have received in recent times.
In China, growth is projected at 4.3 per cent in 2023--0.9 percentage points below previous forecasts. The second-largest economy in the world is now falling back in the race.
Pakistan's economic condition is precarious with low foreign exchange reserves and large fiscal and current account deficits, has further worsened by severe flooding.
The British consultancy said in its annual World Economic League Table 2023 that over the next five years, the annual rate of GDP growth is expected to average 6.4 per cent, after which growth is expected to average 6.5 per cent in the subsequent nine years.
China had been praised worldwide for lifting up its 60 per cent of population out of poverty, however, 2022 marks Beijing's diminishing stature on the world platform amid its zero-COVID policy, human rights violations and falling GDP growth.
Headwinds that are continuing to hamper recovery in developing Asia include recurrent lockdowns in China, the Russian invasion of Ukraine, and slowing global growth, ADB said in its Asian Development Outlook.
India's growth estimates, which were to the north of 8 per cent or even 9 per cent at the beginning of the year, have come down to between 6.8 per cent and 7 per cent, because global growth has slowed down and monetary tightening is still underway in the developed world, the CEA said.
She said, "In 2021-22, the economic growth rate of Madhya Pradesh was 19.74 percent, which is the highest in the country. Madhya Pradesh's efforts towards fulfilling the target set by the Prime Minister Narendra Modi to make the country's economy 5 trillion dollars by 2025 are commendable."