ADB trims Asia’s growth forecast

MANILA: Developing Asia’s economic growth this year will be slightly lower than previously projected, the Manila-based Asian Development Bank said on Tuesday, citing the resurgence of Covid-19 infections in countries.
The ADB said recovery was underway in “developing Asia”, referring to the bank’s 46 members, including China and India, but growth was revised down to 7.2 per cent from 7.3 per cent projected in its Asian Development Outlook (ADO) report released in April.
The bloc’s combined economy was projected to expand 5.4 per cent next year, compared with the April forecast of 5.3 per cent.
“Asia and the Pacific’s recovery from the Covid-19 pandemic continues, although the path remains precarious amid renewed outbreaks, new virus variants, and an uneven vaccine rollout,” ADB chief economist Yasuyuki Sawada said.
In its ADO supplement, the ADB maintained its growth forecasts for China at 8.1 per cent this year and 5.5 per cent next year. It revised forecasts for India to 10 per cent this year and 7.5 per cent next year.– CNA