ADB cuts Asia growth forecast on slow Covid vaccine rolloutWorkers build a bridge in Ghaziabad, India. The Asian Development Bank has cut its growth forecast for developing Asia. MANILA: The Asian Development Bank warned of "lasting scars" from the coronavirus pandemic as it cut its 2021 growth forecast for developing Asia on slow vaccination rates, surging infections and crippling lockdowns. The Philippines-based ADB forecast growth of 7.1% -- compared with its previous prediction in April of 7.3% and a slight contraction in 2020 -- but said the recovery "remains fragile". Progress on reducing poverty in developing Asia had been set back "at least two years", and prolonged school closures would lead to higher-than-expected learning and earning losses.

Source: Bangkok Post September 22, 2021 01:41 UTC