Economic Buzz: ADB Revises Growth Forecasts For Developing Asia From 5.2% To 4.6% For Current Year

21 Jul 2022 , 04:36 PM

The Asian Development Bank of ADB has revised the growth forecasts for developing Asia from 5.2% to 4.6% for 2022 and from 5.3% to 5.2% for 2023, reflecting worsened economic prospects because of COVID-19 lockdowns in the Peoples Republic of China (PRC), more aggressive monetary tightening in advanced economies, and fallout from Russias protracted invasion of Ukraine. The inflation forecast for developing Asia is revised up, from 3.7% to 4.2% for 2022 and from 3.1% to 3.5% for 2023, amid higher fuel and food prices. Inflation pressures in the region are, however, less than elsewhere in the world. Powered by Commodity Insights