ADB has lowered its growth forecasts for developing Asia from 5.2% to 4.6% for 2022 and from 5.3% to 5.2% for 2023. The downward revisions to the forecasts made in April reflect worsened economic prospects due to slower expansion in the People’s Republic of China (PRC), more aggressive monetary tightening in advanced economies, and fallout from the continued Russian invasion of Ukraine.
Highlights
- East Asia’s growth forecast is revised from 4.7% to 3.8% for 2022 due to downgraded 4.0% growth in the PRC and softening global demand.
- South Asia’s growth forecast is lowered from 7.0% to 6.5% for 2022 and from…