The Asian Development Bank (ADB) has cut its economic growth forecast for most of Asia over the next two years as the region grapples with the fallout of the war in Ukraine, supply chain disruptions and a slower economic expansion in China.
In a report published July 21, the ADB said it expects regional economies to grow 4.6% this year, compared with an earlier forecast of 5.2%. Next year’s outlook was also revised down from 5.3% to 5.2%.
The economy of China, the region’s largest, is poised to expand 4.0% this year, compared with an earlier forecast of 5.0%. The ADB also lowered its outlook for India to 7.2% from 7.5% for the fiscal year that began in April, amid higher-than-expected inflation and monetary tightening.