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KUALA LUMPUR, July 20 -- The Asian Development Bank (ADB) has revised its economic growth forecast for developing Asia this year to 7.2 per cent against 7.3 per cent projected in April 2021, as renewed COVID-19 outbreaks decelerate the recovery in some economies in the region.
Chief Economist Yasuyuki Sawada said the growth outlook for 2022, however, has been upgraded to 5.4 per cent from 5.3 per cent set earlier.
“Asia and the Pacific’s recovery from the COVID-19 pandemic continues, although the path remains precarious amid renewed outbreaks, new virus variants, and an uneven vaccine rollout.
“On top of containment and vaccination measures, phased and strategic rejuvenation of economic activities -- trade, manufacturing, and tourism -- will be key to ensuring that the recovery is green, inclusive and resilient,” he said in ADB’s economic publication, Asian Development Outlook 2021.
According to the report, the pandemic remained the biggest risk to the outlook, as outbreaks continue in many economies with daily confirmed cases in the region peaked at about 434,000 in mid-May this year.
The daily cases narrowed to about 109,000 at the end of June, concentrated mainly in South Asia, Southeast Asia, and the Pacific
Projections for Southeast Asia this year were revised to 4.0 per cent from 4.4 per cent as renewed outbreaks are met with containment measures and restrictions, hampering economic activity, the report said.
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