ADB: Asian Economy to shrink for First Time since 1960s
The Asian Development Bank have predicted that the Asian economy will shrink for the first time since the early 1960s amid the COVID-19 Pandemic. The report states that downfall in the level of growth will continue until the next year.
The Development bank had earlier in June 2020 predicted that the Gross Domestic Product (GDP) of World will increase slightly by 0.1 but GDP of the Asian region will decline by 0.7%. The Bank had also predicted that the GDP of India will be lowered by 9% this year because of negligible private spending amid the pandemic lock-down. The report said that China have a strong public health system and their measures will easily tackle the problem of the GDP slowdown.
The development bank suggests that, policies should be framed with special attention on the protection of lives and livelihoods. This would ensure a safe environment to resume the work and business operations.
Asian Development Bank (ADB)
It is a regional development bank that was established in 1966. The bank is based in Manila, Philippines. Its main focus is to alleviate poverty in Asia and the Pacific by the process of inclusive economic growth, regional integration and sustainable growth. India became a member of ADB in 1966 itself.
Category: Economy & Banking Current Affairs