Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Russia-Ukraine war to slow 2022 growth in developing Asia - ADB

Economy Apr 05, 2022 11:37PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
2/2 © Reuters. FILE PHOTO: Cars, buses and public utility vehicles pass through a main thoroughfare during rush hour at Cubao, Quezon City, metro Manila, Philippines February 23, 2018. REUTERS/Dondi Tawatao 2/2

MANILA (Reuters) - Growth in developing Asia will likely be slower this year than previously thought, the Asian Development Bank said on Wednesday, as the war in Ukraine is expected to derail economic recovery in the region still reeling from the COVID-19 pandemic.

The bloc's combined economy, which includes China and India, is projected to expand 5.2% this year, the ADB said in a report, down slightly from 5.3% forecast in December, and sharply lower than the previous year's 6.9% growth.

For 2023, the region is forecast to grow 5.3%.

"The Russian invasion of Ukraine has severely disrupted the outlook for developing Asia which is still contending with COVID-19," the ADB said in its Asian Development Outlook report.

The Manila-based multilateral lender said other factors could also cloud the region's growth outlook, including ongoing increases in commodity prices, heightened financial stability risks that may stem from aggressive interest rate hikes in the United States, and the emergence of deadlier COVID-19 variants.

China's economy will probably grow 5.0% this year, the agency said, slower than its December projection, and much weaker than its 8.1% expansion in 2021, as COVID-19 outbreaks disrupt economic activities and chill consumer spending.

Except for South Asia, all sub-regions were expected to post slower-than-expected growth this year. The ADB now sees East Asia and Southeast Asia growing 4.7% and 4.9% respectively, instead of 5.0% and 5.1%.

With the sharper-than-expected increases in commodity prices, the ADB raised its inflation forecast for the region to 3.7% in 2022 from its earlier forecast of 2.7%, before easing to 3.1% in 2023.

GDP GROWTH

2020 2021 2022 2022 2022 2022 2023

JULY SEPT DEC APR APR

Central Asia -2.0 5.6 4.0 4.2 4.4 3.6 4.0

East Asia 1.8 7.6 5.1 5.1 5.0 4.7 4.5

China 2.2 8.1 5.5 5.5 5.3 5.0 4.8

South Asia -5.2 8.3 7.0 7.0 7.0 7.0 7.4

India -6.6 8.9 7.5 7.5 7.5 7.5 8.0

SEast Asia -3.2 2.9 5.2 5.0 5.1 4.9 5.2

Indonesia -2.1 3.7 5.0 4.8 5.0 5.0 5.2

Malaysia -5.6 3.1 5.7 6.1 5.9 6.0 5.4

Myanmar 3.2 -18.4 n/a n/a n/a -0.3 2.6

Philippines -9.6 5.6 5.5 5.5 6.0 6.0 6.3

Singapore -4.1 7.6 4.1 4.1 4.1 4.3 3.2

Thailand -6.2 1.6 4.9 3.9 4.0 3.0 4.5

Vietnam 2.9 2.6 7.0 6.5 6.5 6.5 6.7

The Pacific -6.0 -0.6 4.0 4.8 4.7 3.9 5.4

Developing -0.8 6.9 5.4 5.4 5.3 5.2 5.3

Asia

INFLATION

2020 2021 2022 2022 2022 2022 2023

JULY SEPT DEC APR APR

Central Asia 7.7 8.9 6.3 6.7 7.3 8.8 7.1

East Asia 2.2 1.1 2.2 2.2 2.0 2.4 2.0

China 2.5 0.9 2.3 2.3 2.1 2.3 2.0

South Asia 6.5 5.7 5.1 5.1 5.3 6.5 5.5

India 6.2 5.4 4.8 4.8 4.8 5.8 5.0

SEast Asia 1.5 2.0 2.4 2.4 2.5 3.7 3.1

Indonesia 2.0 1.6 2.8 2.7 2.7 3.6 3.0

Malaysia -1.1 2.5 2.0 2.3 2.3 3.0 2.5

Myanmar 5.7 3.6 n/a n/a n/a 8.0 8.5

Philippines 2.4 3.9 3.5 3.5 3.7 4.2 3.5

Singapore -0.2 2.3 1.2 1.4 1.4 3.0 2.3

Thailand -0.8 1.2 1.0 1.0 1.4 3.3 2.2

Vietnam 3.2 1.8 4.0 3.5 3.8 3.8 4.0

The Pacific 2.9 3.1 3.9 4.1 4.1 5.9 4.7

Developing 3.2 2.5 2.7 2.7 2.7 3.7 3.1

Asia



Russia-Ukraine war to slow 2022 growth in developing Asia - ADB
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email