Evergrande debt problem ‘warrants careful monitoring’ – ADB
|In its latest report released on Wednesday, the Asian Development Bank (ADB) trimmed the 2021 growth forecasts for developing Asia while warning about China Evergrande’s debt problem.
Key takeaways
“Expect 7.1% growth in 2021, falling to 5.4% in 2022. The forecast in April was for 7.3% growth this year and 5.3% in 2022.”
“Most regional economies will remain below their pre-pandemic levels into 2022, and some of the losses from the crisis will be permanent.”
“The forecast for China's growth remained at 8.1% in 2021, with growth expected to slow to 5.5% in 2022.”
“In South Asia, where outbreaks flared in the spring, the ADB expects economic growth of 8.8% this year and 7.0% next year.”
“The ADB put inflation for Asia at 2.2% in 2021 and 2.7% next year.”
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