(VOVWORLD) - The Asian Development Bank (ABD) has lowered its forecasts for economic growth in developing Asia and the Pacific to 4.3% this year compared to its projection in April of a 5.2% expansion, amid mounting challenges buffeting the region.
 (Illustrative: Thehindubusinessline) |
It added that the continuing Russia-Ukraine conflict and China’s epidemic preventive measures have heightened global uncertainty, worsened supply disruptions, and unsettled energy and food markets.
It forecast China's growth this year to decrease from 5% to 3.3% due to its anti-epidemic measures such as lockdowns and travel restrictions disrupting economic activities.
Developing Asia includes 46 members of ADB, stretching from the Cook Islands in the Pacific to Kazakhstan in Central Asia. The bank also raised its inflation forecast from 3.7% to 4.5%, as the Russia-Ukraine conflict and supply chain disruption have pushed prices up.