ADB Slashes Growth Forecasts for China, Asia Economy


Source: asiafinancial.com asiafinancial.com

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The multilateral lender based in Manila now expects the region to grow 4.6% in 2022, lower than its previous estimate of 5.2%. In a new report, ADB cited China’s Covid-19 lockdowns as well as monetary tightening and Russia’s invasion of Ukraine as factors dragging down Asian gross domestic product (GDP) growth. The bank noted that while many countries have eased pandemic-related restrictions, strengthening economic activity, China growth had slowed due to disruption from new lockdowns. The China downgrade comes as senior Chinese officials have said its target of 5.5% GDP growth is unlikely. ADB also reduced growth estimates for East...