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Indian economy to contract by 4%: ADB:
News:
- According to the Asian Development Bank (ADB), Indian economy is expected to contract by 4% during the current financial year.
More from ADB Forecast:
- Countries in ‘Developing Asia’ will ‘barely grow’ in 2020.
- ‘Developing Asia’ refers to a group of over 40 countries that are members of the ADB.
- China, however, is expected to record a positive growth of 1.8% in 2020, sharply down from 6.1% in 2019.
- Growth in Indian GDP slowed to 3.1% in the last quarter. It is slowest since early 2003.
About Asian Development Bank (ADB):
- ADB assists its members, and partners, by providing loans, technical assistance, grants, and equity investments to promote social and economic development.
- It is modeled on the World Bank.
- It has similar weighted voting system where votes are distributed based on member's capital subscription.
- India has about 6% voting rights (4th highest, Japan highest and USA second highest)
- ADB is composed of 67 members, 48 of which are from the Asia and Pacific region.
- It is Headquartered in Manila, Philippines.