The Asian Development Bank (ADB) on Tuesdays raised its growth forecast for developing Asia. Growth in developing Asia is forecast at 4.8% this year and in 2024, up from 4.2% last year. The People’s Republic of China’s (PRC) recovery and healthy domestic demand in India will be the region’s main growth supports this year and next. The ADB sees the upside risks to China’s growth outlook outweighing downside risks. ADB forecasts 5% economic growth for China in 2023, up from … Continue reading “Asian Development Bank says Upside risks to China’s Growth Outlook Outweigh Downside Risks”
Developing Asia, including China and India Growth Cut by Asian Development Bank
The Asian Development Bank (ADB) on Wednesday cuts its growth forecast for developing Asia, reflecting “worsened” prospects because of the war in Ukraine, faster monetary policy tightening in advanced economies and China’s Covid-19 lockdowns. The ADB sees a weaker outlook in China, India and the surrounding region in Asia in its Asian Development Outlook supplement. “Developing Asia continues to recover, but risks loom large,” said ADB Chief Economist Albert Park. “A significant downturn in the world economy would severely undermine … Continue reading “Developing Asia, including China and India Growth Cut by Asian Development Bank”