Continued soft commodity prices and the recession in the Russian Federation have further dampened the growth outlook for Central Asia, with the earlier 2016 forecast of 2.1% trimmed to 1.7%, and 2017 cut to 2.7% from 2.8%, the ADB supplement said.
Even as the Asian Development Bank revised downwards its 2016 economic growth projections to 5.6 % for developing economies, below its projection of 5.7% three months ago, it said India continues to “expand strongly” and is on track to meet its projected growth target of 7.4% in 2017. "India's economy has shrugged off global headwinds and is on track...#
The slump in revenues from hydrocarbon exports are affecting fiscal consolidation efforts in Azerbaijan, Kazakhstan, Turkmenistan and Uzbekistan, while lower remittances, particularly from the Russian Federation, continue to hurt domestic consumption in the sub-region. (SH)
ALCHEMPro News Desk – India
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