News Snapshot:
Asian Development Bank forecasts region’s developing economies to grow 4.6 percent in 2022 amid worsening conditions. The Asian Development Bank (ADB) has slashed its economic forecasts for Asia, citing deteriorating conditions due to China’s “zero COVID” lockdowns, rising interest rates in developed economies and the war in Ukraine. Asia’s developing economies, which include China and India, are expected to grow 4.6 percent in 2022 and 5.2 percent in 2023, according to the ABD’s latest economic outlook released on Thursday. The ADB in April predicted the region’s developing bloc would expand 5.2 percent and 5.3 percent, respectively. China’s economy is forecast...
