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Bangkok Post
Bangkok Post
Business

Growth forecast slashed for developing Asia as prices soar

Asia Asian Development Bank Ukraine Supply chain Inflation Manila
Protesters in the Philippines call on new President Ferdinand Marcos Jr to bring down rice prices, as food and fuel prices surge across the region.

MANILA: The Asian Development Bank on Thursday slashed its 2022 growth forecast for developing Asia and warned economic conditions could worsen, as the war in Ukraine and supply chain disruptions drive up prices.

While the impact of Covid-19 had eased, the region was now grappling with the fallout from Russia's invasion of Ukraine, lockdowns in China and aggressive interest rate hikes, the Philippines-based bank said.

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