ADB cuts developing Asia growth forecast to 4.3%GLOBAL HEADWINDS: China’s recurrent lockdowns and stronger-than-expected monetary tightening in advanced economies pose large risks to the region, the bank saidAFP, MANILAThe Asian Development Bank (ADB) yesterday cut its growth forecast for developing Asia for this year, with crippling COVID-19 lockdowns in China, conflict in Ukraine and efforts to combat inflation dragging on the region. As a result, the ADB slashed its growth forecast for developing Asia — which refers to the bank’s 46 members, stretching from the Cook Islands in the Pacific to Kazakhstan in central Asia — to 4.3 percent this year. China’s growth forecast for this year was reduced to 3.3 percent from 5 percent, as Beijing pursues a “zero COVID-19” strategy that has devastated the world’s second-largest economy. Excluding China, developing Asia would grow 5.3 percent. “For the first time in more than three decades, the rest of developing Asia will grow faster than’ China,” the ADB said.
