HomeSports NewsRate hikes, Ukraine war, China woes dim Asia growth outlook – ADB

Rate hikes, Ukraine war, China woes dim Asia growth outlook – ADB




MANILA – The Asian Development Bank (ADB) on Wednesday cut its growth forecasts for developing Asia for 2022 and 2023 amid mounting risks from increased central bank monetary tightening, the fallout from the war in Ukraine and COVID-19 lockdowns in China.

The ADB now expects the area’s combined economy, which includes China and India, to grow 4.3 percent this year, after previously trimming the forecast to 4.6 percent in July from 5.2 percent in April.

For 2023, the ADB expects the region’s economy to expand 4.9 percent, slower than the April and July forecasts of 5.3 percent and 5.2 percent, respectively, it said in the September edition of its flagship Asian Development Outlo…

Keep on reading: Rate hikes, Ukraine war, China woes dim Asia growth outlook – ADB

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