{"id":1649936,"date":"2022-09-20T20:52:33","date_gmt":"2022-09-21T00:52:33","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1649936"},"modified":"2022-09-20T20:53:06","modified_gmt":"2022-09-21T00:53:06","slug":"rate-hikes-ukraine-war-china-woes-dim-asia-growth-outlook-adb","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/rate-hikes-ukraine-war-china-woes-dim-asia-growth-outlook-adb\/","title":{"rendered":"Rate hikes, Ukraine war, China woes dim Asia growth outlook \u2013 ADB"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Frate-hikes-ukraine-war-china-woes-dim-asia-growth-outlook-adb%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1649936&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>By Enrico Dela Cruz<\/p>\n<p>MANILA (Reuters) \u2013     The Asian Development Bank (ADB) on Wednesday cut its growth forecasts for developing Asia for 2022 and 2023 amid mounting risks from increased central bank monetary tightening, the fallout from the war in Ukraine and COVID-19 lockdowns in China.<\/p>\n<p>The ADB now expects the area\u2019s combined economy, which includes China and India, to grow 4.3% this year, after previously trimming the forecast to 4.6% in July from 5.2% in April.<\/p>\n<p>For 2023, the ADB expects the region\u2019s economy to expand 4.9%, slower than the April and July forecasts of 5.3% and 5.2%, respectively, it said in the September edition of its flagship Asian Development Outlook report. <\/p>\n<p>\u201cSince the April Asian Development Outlook, various headwinds have strengthened,\u201d said ADB Chief Economist Albert Park.<\/p>\n<p>\u201cMore aggressive tightening by the U.S. Federal Reserve and other central banks is denting global demand and rattling financial markets.\u201d<\/p>\n<p>A significant global economic downturn would severely undermine demand for the region\u2019s exports, he warned.<\/p>\n<p>China\u2019s economy will likely expand 3.3% this year, a further step down after previously trimming the forecast to 4.0% from 5.0% in April. The ADB expects the world\u2019s second-largest economy to grow 4.5% next year, slower than a previous estimate of 4.8%.<\/p>\n<p>The outlook for the sub-regions this year remained mixed, with Southeast Asia and Central Asia expected to grow faster than previously projected at 5.1% and 3.9%, respectively. <\/p>\n<p>The ADB, however, kept its growth forecast for South Asia at 6.5%, despite a lower growth estimate for India and an economic crisis in Sri Lanka.<\/p>\n<p>The Manila-based lender has at the same time raised its inflation forecasts in the region, as supply disruptions continue to boost food and fuel prices.<\/p>\n<p>Average inflation in developing Asia this year is now expected to hit 4.5%, up from April and July forecasts of 3.7% and 4.2%, respectively. <\/p>\n<p>For 2023, inflation is seen hitting 4.0%, compared with projections of 3.1% in April and 3.5% in July.<\/p>\n<p>           GDP GROWTH        2021    2022   2022   2022   2023   2023  2023          <\/p>\n<p>                                      APR   JULY   SEPT    APR   JULY  SEPT          <\/p>\n<p>           Central Asia       5.7     3.6    3.8    3.9    4.0   4.1    4.2          <\/p>\n<p>           East Asia          7.7     4.7    3.8    3.2    4.5   4.5    4.2          <\/p>\n<p>           China              8.1     5.0    4.0    3.3    4.8   4.8    4.5          <\/p>\n<p>           South Asia         8.1     7.0    6.5    6.5    7.4   7.1    6.5          <\/p>\n<p>           India              8.7     7.5    7.2    7.0    8.0   7.8    7.2          <\/p>\n<p>           South East Asia    3.3     4.9    5.0    5.1    5.2   5.2    5.0          <\/p>\n<p>           Indonesia          3.7     5.0    5.2    5.4    5.2   5.3    5.0          <\/p>\n<p>           Malaysia           3.1     6.0    5.8    6.0    5.4   5.1    4.7          <\/p>\n<p>           Myanmar           -5.9    -0.3    n\/a    2.0    2.6   n\/a    2.6          <\/p>\n<p>           Philippines        5.7     6.0    6.5    6.5    6.3   6.3    6.3          <\/p>\n<p>           Singapore          7.6     4.3    3.9    3.7    3.2   3.2    3.0          <\/p>\n<p>           Thailand           1.5     3.0    2.9    2.9    4.5   4.2    4.2          <\/p>\n<p>           Vietnam            2.6     6.5    6.5    6.5    6.7   6.7    6.7          <\/p>\n<p>           The Pacific       -1.5     3.9    4.7    4.7    5.4   5.4    5.5          <\/p>\n<p>           Developing Asia    7.0     5.2    4.6    4.3    5.3   5.2    4.9          <\/p>\n<p>           INFLATION                                                                  <\/p>\n<p>                                      APR   JULY   SEPT    APR   JULY  SEPT           <\/p>\n<p>           Central Asia       8.9     8.8   11.3   11.5    7.1   8.1    8.5          <\/p>\n<p>           East Asia          1.1     2.4    2.3    2.5    2.0   2.1    2.5          <\/p>\n<p>           China              0.9     2.3    2.1    2.3    2.0   2.0    2.5          <\/p>\n<p>           South Asia         5.8     6.5    7.8    8.1    5.5   6.6    7.4          <\/p>\n<p>           India              5.5     5.8    6.7    6.7    5.0   5.8    5.8          <\/p>\n<p>           South East Asia    2.0     3.7    4.7    5.2    3.1   3.4    4.1          <\/p>\n<p>           Indonesia          1.6     3.6    4.0    4.6    3.0   3.3    5.1          <\/p>\n<p>           Malaysia           2.5     3.0    2.7    2.7    2.5   2.5    2.5          <\/p>\n<p>           Myanmar            3.6     8.0    n\/a   16.0    8.5   n\/a    8.5          <\/p>\n<p>           Philippines        3.9     4.2    4.9    5.3    3.5   4.3    4.3          <\/p>\n<p>           Singapore          2.3     3.0    4.7    5.5    2.3   2.3    2.3          <\/p>\n<p>           Thailand           1.2     3.3    6.3    6.3    2.2   2.7    2.7          <\/p>\n<p>           Vietnam            1.8     3.8    3.8    3.8    4.0   4.0    4.0          <\/p>\n<p>           The Pacific        3.1     5.9    5.9    6.2    4.7   4.7    4.8          <\/p>\n<p>           Developing Asia    2.5     3.7    4.2    4.5    3.1   3.5    4.0          <\/p>\n<p> (Reporting by Enrico Dela Cruz; Editing by Ed Davies)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/rate-hikes-ukraine-war\/file-photo-frugal-is-the-new-cool-among-young-chinese\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/09\/tagreuters.com2022binary_LYNXMPEI8K00A-BASEIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI8K00A-BASEIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Enrico Dela Cruz MANILA (Reuters) \u2013 The Asian Development Bank (ADB) on Wednesday cut its growth forecasts for developing Asia for 2022 and 2023 amid mounting risks from increased<\/p>\n","protected":false},"author":66,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1649936","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1649936","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1649936"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1649936\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1649936"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1649936"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1649936"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}