ADB lowers 2023 Asian growth forecast as China lockdowns weigh

The Asian Development Bank on Wednesday lowered its 2023 growth forecast for developing Asian economies to 4.6 percent from its September projection of 4.9 percent, partly owing to an impact of China’s recurring COVID-19 lockdowns.

The Manila-based lender also trimmed its growth forecast for this year by 0.1 percentage point to 4.2 percent.

The ADB said monetary policy tightening by central banks, Russia’s invasion of Ukraine, and the Chinese lockdowns have had a combined effect to slow down the region’s economic recovery from the coronavirus pandemic.

It projected China’s economy to grow 4.3 ...