ADB reduces growth forecast for developing Asia
The Asian Development Bank (ADB) lowered its economic growth forecasts for developing Asia due to the Russia-Ukraine war, aggressive monetary tightening in advanced economies, and zero coronavirus disease 2019 (Covid-19) lockdowns in China, according to a report by Philippine News Agency.
Developing Asia is projected to grow 4.3 percent this year, down from a 5.2 percent forecast in its April report.
The outlook for the bloc that includes China and India for 2023 was revised down to 4.9 percent from 5.3 percent.
Price pressures in developing Asia, while remaining lower than elsewhere in the world, are increasing on higher energy and food prices, the bank said.
The regional inflation forecast is raised to 4.5 percent from 3.7 percent for this year and to 4.0 percent from 3.1 percent for the next year.
The bank cited the downside risk threatening the outlook – a sharp deceleration in global growth, stronger-than-expected monetary policy tightening in advanced economies, the war in Ukraine, a deeper-than-expected deceleration in China, and negative pandemic developments.
It also cut China's growth projections in 2022 to 3.3 percent from 5 percent in its April estimate.
The region’s largest economy is expected to grow 4.5 percent next year, down from a 4.8 percent forecast previously.
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