The Asian Development Bank downgraded the developing Asia's growth outlook as a resurgence of the COVID-19 infections, new virus variants and an uneven vaccine rollout weighed on the economic recovery.
In the Asian Development Outlook Supplement, released Tuesday, the growth outlook for 2021 was revised down marginally to 7.2 percent from 7.3 percent, while the projection for 2022 was upgraded to 5.4 percent from 5.3 percent forecast in April.
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May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.