ADB Cuts Developing Asia Growth View on Slowing China Expansion
- China is seen growing slower than rest of developing Asia bloc
- Region faces rising risks despite continued economic recovery
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The Asian Development Bank cut its economic growth forecast for China and also lowered its outlook for developing Asia amid rising interest rates, a prolonged war in Ukraine and Beijing’s Covid Zero policy.
The region is seen expanding 4.3% this year, according to the bank’s Asian Development Outlook Update released Wednesday, compared with a 4.6% projection in July. Growth in China, the largest economy in Asia, is expected to be slower at 3.3% against a 4% expansion seen previously.