News Snapshot:
The Asian Development Bank has downgraded its forecasts for growth in the region, citing the war in Ukraine, rising interest rates to combat decades-high inflation, and China's slowing economy. The Philippines-based lending agency revised its estimate for growth in developing Asian economies to 4.3 per cent, down from an earlier forecast of 5.2 per cent. Growth in 2023 was cut to 4.9 per cent from 5.3 per cent in the revised regional outlook released on Wednesday. ADB economists said that for the first time in three decades, other developing Asian economies would grow faster than China's. The updated outlook forecast...
