ADB cuts developing Asia growth outlook

The region’s gross domestic product will expand 7.1% this year, down from 7.3% forecast in April and a turnaround from last year’s 0.1% contraction, the ADB said in its Asian Development Outlook Update released Wednesday.

SINGAPORE: Growth paths in developing Asia continue to diverge, as some nations struggle to contain virus outbreaks while those that avoided tough restrictions or have advanced vaccination campaigns gain from stronger global demand, according to the Asian Development Bank (ADB).

The region’s gross domestic product will expand 7.1% this year, down from 7.3% forecast in April and a turnaround from last year’s 0.1% contraction, the ADB said in its Asian Development Outlook Update released Wednesday.

It sees developing Asia’s growth moderating to 5.4% in 2022.