YANGON/MANILA, Sept 25 (dpa-AFX): The Asian Development Bank (ADB) lowered its growth forecast for developing Asia for this year and next, amid a sharp slowdown in global growth, increased inflationary pressures and monetary tightening, the war in Ukraine, and a Covid-19 lockdown in China.
The Manila, Philippines-based lender expects developing Asia to grow 4.3%, which is slower than the 5.2% forecast in April.
Likewise, the ADB lowered the growth projection for next year to 4.9% from 5.3%, in the latest update to its Asia Development Outlook report.
Developing Asia has a lower inflation rate than the rest of the world but price pressures are increasing due to rising energy and food costs, the ADB report said.
Under this scenario, the regional inflation forecast is raised to 4.5% for this year and 4% for next year, the ADB said. - dpa
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