A Couple of Bright Spots in Southeast Asia as China Growth Slows
- Philippines, Indonesia the only two to get GDP upgrades by ADB
- ADB cut GDP outlook for most economies amid China slowdown
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Two economies are expected to grow better than previously thought, while developing Asia’s outlook was cut amid risks from China’s slowdown to the war in Ukraine.
The Philippines and Indonesia were the only two of about a dozen economies to see their growth forecasts revised upwards in the Asian Development Bank’s latest outlook supplement released Thursday. The Philippines was upgraded to 6.5% growth for this year from 6%, while Indonesia was raised to 5.2% from 5%.