News Snapshot:
MANILA: The Asian Development Bank (ADB) lowered its 2021 economic growth outlook for developing Asia, amid continuing concerns over the coronavirus disease (COVID-19) pandemic. ADB forecasts growth of 7.1% this year, according to an update of its flagship economic publication, Asian Development Outlook (ADO) 2021. That compares with a projection of 7.3% in April. The growth outlook for 2022 is raised to 5.4% from 5.3%. New COVID-19 variants, renewed local outbreaks, the reinstatement of various levels of restrictions and lockdowns, and slow and uneven vaccine rollouts are weighing down the region’s prospects. “Developing Asia remains vulnerable to the COVID-19 pandemic,...
