Asian Development Bank trims 2016 growth forecast for developing Asia to 5.6%
ADB revised its forecasts of growth of the developing economies from 5.6% from 5.7% for 2016, whereas the predicted growth for 2017 stands at 5.7%.
ADB reports on the growth of economies worldwide due to Brexit. It revised its forecasts of growth from 5.6% from 5.7% of the developing economies for 2016, whereas the predicted growth for 2017 stands at 5.7%.
Asian economies will have robust near-term effects in the Stock markets and currency. The policy-makers in these regions need to be vigilant and prepared to respond to external shocks to ensure the growth trajectory to follow.
India, particularly in South Asia, is expanding strongly, whereas China is on a track to meet earlier growth projections. It is expected to meet the projected growth targets of 6.5% and 6.3% in 2016 and 2017 respectively. India , Pakistan and Bangladesh will remain robust because an increased consumer spending and uptick in rural economy, higher infrastructure investments and better security and the garments sector respectively in the 3 nations. Even after muted activity in Hong Kong and republic of Korea , the growth forecasts remain unchanged from 5.7% and 5.6% in both the coming years.
In South-east Asia, with an exception of Vietnam as its economy hit by a drought and agriculture sector was effected- rest of the economies are expected to grow at 4.5-4.8% in 2016 and 2017.
An ease in commodity prices in Russia , downgraded the economic outlook for Central Asia , with forecast being trimmed from 2.1 to 1.7% for 2016 and from 2.8 to 2.7% for 2017. Lower remittances from Russian region will negatively impact the domestic consumption in countries such as Azerbaijan , Kazakhstan , Turkmenistan and Uzbekistan .
In Pacific, the growth is expected to fall from 7.1% in 2015 to 3.9% in 2016. However, various economies will benefit from a stronger than expected tourism.
The report also projects the inflation in developing Asian economies at 2.8% for 2016 and 3.0% for 2017. The rise of 0.3% each year is attributed to the recovery in food and oil prices.
Congress wants to pass GST Bill
Congress says it wants to pass a GST Bill under which no government can impose unnecessary taxes on the people. Talking to reporters outside Parliament today, party leader Rajiv Shukla said, his party is in favour of consensus over the Bill and is ready for a discussion.
He said, the Congress is ready to pass the GST Bill as it was floated by its government. Mr. Shukla accused the BJP of opposing the Bill when it was in the opposition. The Congress leader also attacked the government on foreign policy with regard to Pakistan alleging it has failed.
Curfew to continue across Kashmir
Jammu and Kashmir, the curfew and restrictions across Kashmir will continue today in view of prevailing law and order situation. Police and para-military personnel have been deployed in strength to maintain law and order.
Barring BSNL postpaid telephone and broadband internet services, all private mobile telephone services continue to remain suspended. The mobile, internet and train services continue to remain suspended across valley.
Baton Rouge shooting, three police officers killed
United States, three police officers have been killed and three injured in a shooting at Baton Rouge in Louisiana. Police said a suspect shot dead at the scene was the only gunman involved in the attack. Earlier reports suggested that there was more than one gunman. The motive of the killing is not clear nor its link to the killing by police of a black man in the city nearly two weeks ago.
The shooting of Alton Sterling and another killing of a black man in Minnesota, led to widespread protests across the United States. It also triggered a revenge attack by a black army veteran who shot dead five officers in the city of Dallas. President Barack Obama said nothing justified attacks on Police Officers.
LS adjourned for day
The Lok Sabha was today adjourned for the day after paying tributes to a sitting member Dalpat Singh Paraste from Madhya Pradesh. As soon as the House met for the Day, Speaker Mrs Sumitra Mahajan led the House in paying tributes to six former members who passed away recently. Earlier, Prime Minister introduced the newly inducted ministers in his cabinet to the House amidst thumping of desks.
Earlier, Lok Sabha today witnessed bonhomie between government and opposition members just before the House assembled. As Prime Minister Narendra Modi entered the House, he straight went to meet Congress President Sonia Gandhi and had a brief talk. He also met senior leaders of other parties including Samajwadi Party Chief Mulayam Singh Yadav. Many Union Ministers including Sushma Swaraj also shook hands with opposition leaders. This came after Prime Minister’s appeal to all political parties asking to keep national interests above any other consideration. During the all party meeting yesterday, Mr Modi had sought their support in the passage of the GST bill, saying it was of national importance.
Prime Minister Narendra Modi has said all political parties should work shoulder to shoulder in the Monsoon Session of Parliament to take the country forward. Talking to media outside Parliament this morning, Mr Modi invited opposition parties for constructive debate on all issues on the floor of the two Houses. The Prime Minister said, talks have been held with various parties in the past few days and they have expressed their willingness to participate in the discussions
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