HSBC ups India's FY22 GDP forecast to 11.2%, cuts inflation target to 4.7%

Besides India, HSBC has cut 2021 CPI inflation forecasts for Hong Kong, Indonesia, Japan, Singapore, Thailand, and Vietnam. In Korea and Malaysia, the upward revisions were marginal

A pick up in business activity coupled with a steady fall in COVID cases should aid a faster economic recovery across Asia, says a recent report by HSBC. It expects almost all economies in Asia to reach their pre-pandemic level by the end of 2021, if they haven’t already.

“The only exceptions are Japan and Thailand (next year), and the Philippines (beyond 2022). Encouragingly, we expect the rebound to have legs: growth in 2022 is likely to remain robust, still exceeding its pace in 2019, in all Asian markets, except for mainland China, Taiwan, and Vietnam,” wrote Frederic Neumann, co-head