Title: India sees GDP growth slowing to 6%-6.8% in 2023/24 - govt survey
January 31, 2023 02:40 AM ET
India on Tuesday forecast its economy to grow 6 to 6.8 percent in the fiscal year starting April 1, lower than the 7 percent projected for this year as the global slowdown is likely to hurt exports.
The government's annual economic analysis report said its baseline growth scenario for 2023/24 is 6.5%, with nominal growth, which takes inflation into account, projected at 11%.
The survey, which Finance Minister Nirmala Sitharaman tabled in Parliament ahead of Wednesday's annual budget, is primarily the government's assessment of how the economy has fared over the past year.
India's economy recovered after the COVID-19 pandemic, but the Russia-Ukraine conflict triggered inflationary pressures and forced central banks, including India's, to reverse the ultra-easy monetary policy adopted during the pandemic.
The survey said the rate of price rise is neither high enough to deter private consumption nor low enough to weaken investment, though it remains above the central bank's inflation target for 2022–23.
Title: World Bank approves $600 million loan to support Philippines' recovery, financial sector
January 31, 2023 12:56 AM ET
The World Bank said Tuesday it has approved a $600 million loan to support the Philippines' economic recovery and efforts to make its financial sector more resilient.
The funds will go towards strengthening financial sector stability, expanding financial inclusion, and improving disaster risk financing, the bank said in a statement.
"Financial inclusion can be a key factor in accelerating poverty reduction and strengthening recovery from a pandemic," stated Ndiamé Diop, World Bank Country Director for Brunei, Malaysia, the Philippines, and Thailand.
According to World Bank data, only half of Filipinos over the age of 15 have a transaction account with a financial institution, less than 80 percent of the regional average in East Asia and the Pacific.
By this year, the Central Bank of the Philippines hopes to have 70% of adult Filipinos with bank accounts.
The World Bank stated the loan also wants to develop a catastrophe insurance market in the Philippines to prevent people from falling into poverty after natural disasters.
The Philippines, an archipelago of over 7,600 islands, is damaged by an average of 20 tropical storms each year, causing deadly landslides and flash floods and destroying crops and infrastructure. The Philippines is also prone to earthquakes because it is located on the seismically active Pacific "Ring of Firecausing deadly landslides and flash floods and destroying crops and infrastructure. The Philippines is also prone to earthquakes because it is located on the seismically active Pacific "Ring of Fire."