MANILA, Dec 14 — The Asian Development Bank (ADB) today trimmed its economic growth forecast for the Asia-Pacific region for this year and 2023 amid worsening global conditions reported dpa.
The Manila-based lender said the region’s economy was now expected to grow 4.2 per cent in 2022 and 4.6 per cent in 2023, down from 4.3 per cent and 4.9 per cent, respectively.
Monetary policy tightening by central banks globally, the Russian invasion of Ukraine, and recurring Covid-19 lockdowns in China were slowing down the recovery from the pandemic, the ADB said in an update to its annual Asian Development Outlook report.
“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,” ADB chief economist Albert Park said.
“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,” he added.
The bank lowered its forecast for inflation in Asia and the Pacific to 4.4 per cent this year, from 4.5 per cent. But it raised the projection for next year to 4.2 per cent from 4 per cent, due to lingering inflationary pressures from energy and food.
China, the largest economy in the region, was now forecast to expand only 3 per cent this year, compared to the previous projection of 3.3 per cent. In 2023, China’s economic growth projection was cut to 4.3 per cent from 4.5 per cent.
Gross domestic product growth projections for India, the second largest economy in the region, were maintained at 7 per cent this fiscal year and 7.2 per cent in the next. — Bernama
