The Asian Development Bank (ADB) has lowered its growth forecasts for this year and next year for emerging Asia, reflecting the uncertainty and risks posed by the Omicron variant.
GROWTH ESTIMATED FOR 2021 FROM 7.1 PERCENT TO 5.3 PERCENT
The Manila-based bank cut its 2021 gross domestic product (GDP) forecast for developing Asia from 7.1 percent to 7 percent, while lowering its forecast for 2022 from 5.4 percent to 5.3 percent. .
ADB, in the appendix to the Asian Development Report, said, "The coronavirus has lost its strength in developing Asia, but the increasing cases and the faster spreading variant around the world indicate that the epidemic will continue for a while." said.
Economic growth in most emerging Asian countries is expected to be lower than previously forecast this year due to the weak recovery in China. Although the Chinese economy has largely recovered after last year's slowdown, it has lost momentum in recent months due to rising prices, slowing manufacturing sector, debt problems in the real estate sector and the ongoing coronavirus epidemic.
ADB'S GROWTH ESTIMATE FOR CHINA DECREASED
ADB predicted that China's economy will grow 8 percent this year and 5.3 percent next year. ADB previously announced its growth forecasts for China as 8.1 percent this year and 5.5 percent for 2022.
ADB also cut its 2021 growth forecast for India to 9.7 percent from the 10 percent announced in September, while keeping it constant at 7.5 percent for 2022.
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