ADB cuts growth estimate in developing Asia to 4.3% amid Ukraine war

Economy

The Asian Development Bank on Wednesday revised down its growth forecast for developing Asian economies to 4.3 percent for 2022 from 5.2 percent it estimated in April, citing Russia's war in Ukraine, monetary tightening by central banks and China's COVID-19 lockdowns. The Manila-based multilateral lender also cut its growth projection for 2023, slashing it to 4.9 percent from 5.3 percent in the April estimate, according to an update to the Asian Development Outlook 2022 report. The 46 Asian developing economies include China, Indonesia and Thailand. In reflection of higher energy and food pric...

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