ADB trims developing Asia’s 2021 economic growth forecast to 7.2%

ADB trims developing Asia’s 2021 economic growth forecast to 7.2%

The bloc's combined economy was projected to expand 5.4 per cent next year, compared with the April forecast of 5.3 per cent. "Asia and the Pacific's recovery from the COVID-19 pandemic continues, although the path remains precarious amid renewed outbreaks, new virus variants, and an uneven vaccine rollout," ADB Chief Economist Yasuyuki Sawada said. In its ADO supplement, the ADB maintained its growth forecasts for China at 8.1 per cent this year and 5.5 per cent next year. But it revised growth forecasts for India to 10 per cent this year and 7.5 per cent next year, compared with the April projections of 11 per cent and 7.0 per cent, respectively. In Southeast Asia, the ADB revised 2021 growth forecasts to 4.1 per cent from 4.5 per cent for Indonesia; 2.0 per cent from 3.0 per cent for Thailand; 5.5 per cent from 6.0 per cent for Malaysia; and 5.8 per cent from 6.7 per cent for Vietnam. It raised Singapore's growth projection for this year to 6.3 per cent from 6.0 per cent but kept the growth outlook for the Philippines at 4.5 per cent. By 2022, the ADB maintained its growth forecasts for most Southeast Asian economies: 5.0