ADB announces growth forecast revisions
The Asian Development Bank announced economic growth projection cuts in developing countries on Tuesday following the re-emergence of coronavirus infections.
The ADB in its Asian Development Outlook (ADO) report released in April, downgraded growth to 7.2% from 7.3% despite guaranteeing an ongoing recovery in “developing Asia”.
China’s economic growth forecast remained at 8.1% this year and 5.5% next year.
Meanwhile, growth forecasts in India were slashed to 10% this year and 7.5% next year, down from April estimates of 11% and 7.0%, respectively.
The ADB also changed some Southeast Asian countries’ projections with the following cuts: 4.1% from 4.5% in Indonesia; 2.0% from 3.0% in Thailand; 5.5% from 6.0% in Malaysia; and 5.8% from 6.7% in Vietnam.
In Singapore, growth estimate was raised from 6.0% to 6.3% this year, while the Philippines’ growth outlook remained at 4.5%.