Home Economy ADB trims developing Asia’s 2021 economic growth forecast to 7.2%

ADB trims developing Asia’s 2021 economic growth forecast to 7.2%

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MANILA (Reuters) – Developing Asia’s economic growth this year will be slightly lower than previously projected, the Manila-based Asian Development Bank said on Tuesday, citing the resurgence of COVID-19 infections in countries.

FILE PHOTO: Workers labour at a construction site in Shanghai, China July 12, 2021. Picture taken July 12, 2021. REUTERS/Aly Song/File photo

The ADB said recovery was underway in “developing Asia”, referring to the bank’s 46 members, including China and India, but growth was revised down to 7.2% from 7.3% projected in its Asian Development Outlook (ADO) report released in April.

The bloc’s combined economy was projected to expand 5.4% next year, compared with the April forecast of 5.3%.

“Asia and the Pacific’s recovery from the COVID-19 pandemic continues, although the path remains precarious amid renewed outbreaks, new virus variants, and an uneven vaccine rollout,” ADB Chief Economist Yasuyuki Sawada said.

In its…

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