December 16, 2022
2 mins read

  ADB trims growth forecast for developing Asia

Headwinds that are continuing to hamper recovery in developing Asia include recurrent lockdowns in China, the Russian invasion of Ukraine, and slowing global growth…reports Asian Lite News

         

The Asian Development Bank (ADB) has lowered its economic growth forecasts for developing Asia amid a worsened global outlook.

 The region’s economy is expected to grow 4.2 per cent this year and 4.6 per cent next year, ADB said in its recent Asian Development Outlook (ADO) Supplement, December 2022 supplement published on Wednesday. In the September supplement, ADB estimated that the economy in the region would grow 4.3 per cent in 2022 and 4.9 per cent in 2023.

Asian Development Outlook is published every April, with an update in September and brief supplements published normally in July and December. Developing Asia refers to the bank’s 46 developing members.

Headwinds that are continuing to hamper recovery in developing Asia include recurrent lockdowns in China, the Russian invasion of Ukraine, and slowing global growth, ADB said in its supplement.

  Monetary policy tightening by central banks globally and in the region, slowing down developing Asia’s recovery from the COVID-19 pandemic are slowing down developing Asia’s recovery from pandemic.

   “Even with the deteriorating outlook, developing Asia will grow more than other regions and suffer less inflation than most,” it said.

   On inflation, it said the region’s outlook is revised down slightly for 2022 from 4.5 per cent to 4.4 percent. However, the bank raised its projection for next year to 4.2 per cent from 4.0 percent, due to inflationary pressures from energy and food.

   “Asia and the Pacific will continue to recover, but worsening global conditions mean that the region’s momentum is losing some steam as we head into the new year,” said ADB Chief Economist Albert Park.

   “Governments will need to work together more closely to overcome the lingering challenges of COVID-19, combat the effects of high food and energy prices–especially on the poor and vulnerable–and ensure a sustainable, inclusive economic recovery,” the Chief Economist added.

   Further, in India, ADB said gross domestic product growth projections are maintained at 7.0 percent for the current fiscal year and 7.2 percent for the next. (ANI)

ALSO READ: India launches bid for UNSC

Previous Story

Indian, Japanese diplomats focus on boosting bilateral ties

Next Story

Samsung shifts focus to sustainability

Latest from Asia News

India’s deepest strikes since 1971 

By extending its strike capabilities deep into Pakistan’s heartland, India has redrawn the contours of conventional deterrence in the subcontinent. This could embolden future Indian responses to cross-border terror attacks, but it

Terror hotbeds in Pakistan levelled 

The targets levelled include Markaz Taiba, Sawai Nala camp, Syedna Bilal camp, Barnala camp, Abbas camp, Sarjal camp,  Mehmona Joya camp, Gulpur camp and Markaz Subhanallah    Two weeks after Pakistani terrorists

Tensions Rise as Shehbaz Promises Payback

Addressing the nation following India’s unprecedented action against terrorism, Sharif on Wednesday asserted Pakistan’s intent to respond forcefully…reports Asian Lite News Shaken by the Indian armed forces’ strike on terror bases, Pakistani

Deadly Day for Army in Balochistan

The latest strikes underscore the persistent and deep-rooted conflict in Balochistan, where separatist groups have long accused the Pakistani state of marginalisation..reports Asian Lite News At least 14 Pakistani army personnel were

US Lawmakers Backs India’s Retaliation

Indian-American Lawmakers Endorses India’s Swift Response to Pakistan Tensions…reports Asian Lite News On Wednesday, one US lawmaker of Indian descent urged Pakistan not to exploit the ongoing tensions with India as an
Go toTop

Don't Miss

Iran calls for formation of comprehensive govt in Afghanistan

The Foreign Minister of Pakistan will visit Iran on Thursday

‘1 in 10 tweets by politicians about Asian Americans included racist language’

A national survey by AAPI in March estimated at least