- September 26, 2021
- Posted by: Stratford Team
- Category: Economy
Developing economies in Asia likely will grow at a slower pace than earlier expected because of prolonged coronavirus outbreaks and uneven progress in vaccinations, the Asian Development Bank said in a report last week.
The regional lender lowered its outlook for economic growth to reflect renewed coronavirus outbreaks as variants spread, prompting fresh pandemic precautions.
The Manila, Philippines-based Asian Development Bank expects 7.1% growth in 2021, falling to 5.4% in 2022. The forecast in April was for 7.3% growth this year and 5.3% in 2022.
Most regional economies will remain below their pre-pandemic levels into 2022, and some of the losses from the crisis will be permanent, Asian Development Bank economists said.
“Support for businesses and households will continue to be important for the economic recovery,” Joseph Zveglich, the bank’s acting chief economist, said in an online briefing.
The forecast for China’s growth remained at 8.1% in…