Economic Buzz: ADB Cuts Growth Forecast For Developing Asia To 4.3% This Year

21 Sep 2022 , 01:12 PM

The Asian Development Bank revised down growth projections from that made in April, to 4.3% from 5.2% for this year and to 4.9% from 5.3% for 2023. Excluding the PRC, the rest of developing Asia is projected to grow by 5.3% in both 2022 and 2023, the first time in more than 3 decades that the rest of developing Asia will grow faster than the PRC. Inflation in developing Asia, while remaining lower than elsewhere in the world, is increasing amid higher energy and food prices, the ADB report stated. The regional inflation forecast is raised to 4.5% for this year and 4.0% for next year. Several downside risks loom large. A sharp deceleration in global growth, stronger-than-expected monetary policy tightening in advanced economies, the Russian invasion of Ukraine escalating, a deeper-than-expected deceleration in the Peoples Republic of China (PRC), and negative pandemic developments could all dent developing Asias growth, the bank cited. Powered by Commodity Insights