Asian Development Bank
- The Asian Development Bank (ADB) was founded in 1966 with the primary mission of fostering growth and cooperation among countries in the Asia-Pacific Region.
- It is headquartered in Manila, Philippines.
- At present, ADB comprises 68 members (including India)- of which 49 are from within Asia and the Pacific and 19 outside.
- The ADB was modeled closely on the World Bank, and has a similar weighted voting system where votes are distributed in proportion with members’ capital subscriptions.
- The two largest shareholders of the ADB are the US and Japan.
- ADB is an official United Nations Observer.
Why in News?
- The Asian Development Bank, in its Asian Development Outlook report, forecasts India’s GDP growth to moderate to 7.5% in 2022-23 from an estimated 8.9% in 2021-22, but will pick up to reach 8% in 2023-2024.
- The ADB has factored in the Russia-Ukraine conflict’s implications for India, which will be largely indirect through higher oil prices, and has assumed that the severity of the COVID-19 pandemic will subside with a rise in vaccination rates.
- Although oil prices will exert upward pressure on the inflation front, the impact on inflation would be moderated by fuel subsidies and oil refineries stocking up on cheap crude from the Russian Federation, the ADB noted, predicting an average inflation rate of 5.8% in 2022-23, and 5% in 2023-24.
View all comments