Asian lender ADB cuts forecasts to reflect weakening outlook

The Asian Development Bank has downgraded its forecasts for growth in the region, citing the war in Ukraine, rising interest rates to combat decades-high inflation, and China’s slowing economy. The Manila, Philippines-based development lending agency revised its estimate for growth in developing Asian economies to 4.3%, down from an earlier forecast of 5.2%. The forecast for growth in 2023 was cut to 4.9% from 5.3%. Economists said that for the first time in three decades, other Asian economies are growing faster than China’s. The ADB’s forecast for inflation in Asia remains less severe than in the U.S. and some other economies, at 4.5% in 2022 and 4.0% next year.