Developing Asia’s subregions are forecast to contract this year, except for East Asia, which is expected to grow 1.6%, higher than earlier projected, supported by faster-than-expected recoveries in China and Taipei. China, where the coronavirus surfaced in December, is projected to grow 2.1% this year, faster than the ADB’s September estimate of 1.8%. The ADB kept its 7.7% growth forecast for the world’s second largest economy for 2021. The ADB still expects India’s economy to bounce back with growth of 8.0% next year, emerging from a projected contraction of 8.0% this year, less than the 9.0% decline previously forecast. Regional inflation this year is expected to ease marginally to 2.8% from a prior estimate of 2.9% and slow further to 1.9% in 2021.

Source: bd News24 December 10, 2020 01:30 UTC