- Developing Asia expected to grow 4.6% in 2022, down from 5.2%
- China lockdowns have lingering effects on supply chains: ADB
THE Asian Development Bank cut its economic growth forecasts for developing Asia, reflecting “worsened” prospects because of the war in Ukraine, faster monetary policy tightening in advanced economies and China’s Covid-19 lockdowns.
Developing Asia, a bloc that includes China and India, is forecast to grow by 4.6% this year, down from a 5.2% projection in April, the ADB said in its Asian Development Outlook supplement released Thursday. The outlook for 2023 was revised to 5.2% from 5.3%.
“Risks to developing Asia’s economic outlook remain elevated and mainly associated with external factors,”
the ADB said, citing the impact to the region of an aggressive monetary tightening by the Federal Reserve and other major central banks as well as the fallout from the war.