In the Asian Development Outlook for September 2023, ADB said South Asia will still be the fastest-growing subregion in the continent during the ongoing fiscal, led by India.
"Strong private consumption, and upticks in public and private investment, are expected to brighten India's outlook. The slight downward revision for FY2023 is due to erratic rainfall," the report added.
"For FY2024, India's forecast remains at 6.7%," it added.
Growth in Southeast Asia was revised slightly down to 4.6% in 2023 and 4.8% in 2024 due to weaker global demand for the subregion's manufactured exports.
ADB expects inflation in developing Asia to decline from 4.4% in 2022 to 3.6% in 2023 and 3.5% in 2024.
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