BANGKOK—China’s recovery from the pandemic and strong demand in India will drive strong economic growth in Asia this year, the Asian Development Bank said in a report issued Tuesday.
The report’s analysis was based on the assumption that Brent crude oil, the pricing basis for international trading, would average $88 a barrel this year and $90 a barrel next year. However, growing imports of Russian crude oil, especially by China and India, will likely cushion the impact of rising prices—such exports to China, India and Turkey more than doubled last year. As of February, a third of Russia’s crude exports were going to India and more than a fifth to China.
India’s economy, meanwhile, is expected to grow at a slower pace of 6.4 percent this year. That follows a 9.1 percent annual pace of expansion in 2021 as it rebounded from the worst of the pandemic, and 6.8 percent last year. But it’s one of the fastest expansions for a major regional economy.
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