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Asia’s economic growth outlook slashed on China, Ukraine fears

Asia China Ukraine Asian Development Bank ADB Economy

The Asian Development Bank has slashed its economic forecasts for Asia, citing deteriorating conditions due to China’s “zero COVID” lockdowns, rising interest rates and the war in Ukraine [File: Cheryl Ravelo /Reuters]

The Asian Development Bank (ADB) has slashed its economic forecasts for Asia, citing deteriorating conditions due to China’s “zero COVID” lockdowns, rising interest rates in developed economies and the war in Ukraine.

Asia’s developing economies, which include China and India, are expected to grow 4.6 percent in 2022 and 5.2 percent in 2023, according to the ABD’s latest economic outlook released on Thursday.

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