ADB cuts 2022 growth outlook for China and India
|In a supplement to its Asia Development Outlook report, the Asian Development Bank (ADB) said that they slashed the 2022 GDP growth outlook for developing Asia, in the face of China’s covid risks, the Russia-Ukraine war and worldwide economic slowdown.
Key takeaways
“Expect 2022 growth in developing Asia to slow to 4.2%, down slightly from its 4.3% forecast in September and marking the fifth time the outlook was downgraded.”
“For next year, the combined bloc’s economy, which includes China and India, is projected to grow 4.6%, much slower than its previous projection of 4.9%.”
“Growth in China will likely be slower than previously thought with the world’s second-largest economy seen expanding 3.0% this year and 4.3% next year, weaker than the ADB’s earlier forecasts of 3.3% and 4.5%, respectively.”
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