The Asian Development Bank lowered the economic growth forecast for the developing Asia and the Pacific region further citing the global slowdown, but raised the inflation outlook for next year due to persistent inflationary pressures from food and energy. The lender also said the Chinese economy is likely to grow slower than projected earlier due to the 'zero-Covid' approach and a struggling property market.
The developing Asia and the Pacific region is set to grow 4.2 percent this year and 4.6 percent next year, the Manila, Philippines-based ADB said in its latest update to its Asian Development Outlook report, released Wednesday.
The projections for the region were lowered from 4.3 percent and 4.9 percent seen in September.
Developing Asia refers to the ADB's 46 developing member countries.
by Jyotsna V
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