Economics
ADB Cuts Developing Asia GDP Outlook as New Variant Poses Risks
- Developing Asia’s 2021 GDP growth forecast cut to 7% by ADB
- While recovery continues, omicron variant brings uncertainty
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The Asian Development Bank cut economic growth forecasts for developing Asia, as the emergence of the omicron variant and rising coronavirus infections globally show the pandemic is far from over.
The region’s gross domestic product will expand 7% this year, down a notch from the 7.1% forecast in September, the ADB said in its Asian Development Outlook Supplement released Tuesday. The expansion will mark a course reversal from last year’s 0.1% contraction, and will moderate to 5.3% in 2022 -- slower than the 5.4% previously estimated.