Asian Development Outlook report- Update

On December 14, 2021, the Asian Development Bank released its Asian Development Outlook Report and reduced its growth forecasts for developing Asia for year 2021.

Key Points

• This move came in line with the uncertainty that new Omicron coronavirus variant has brought.
• ADB now sees 2021 gross domestic product (GDP) growth of 7.0% for developing Asia, as opposed to 7.1% forecast.
• For 2022, it forecasted the growth of 5.3%.
• Most of developing Asia’s subregions are expected to grow slower than previous forecast in 2021.

ADB on China’s growth

ADB has projected China’s growth as 8.0% in 2021 and will slow down to 5.3% in 2022. China’s economy, which staged an impressive rebound from last year’s pandemic slump, has lost momentum in recent months as it grapples with surging prices, a slowing manufacturing sector, debt problems in the property market and persistent COVID-19 outbreaks.

ADB on India’s growth

The ADB has reduced its 2021 growth forecast to 9.7% for India as opposed to the 10.0% estimate of September 2021. However. 2022 growth forecast has been unchanged.

Asian Development Outlook

Asian Development Outlook is an annual publication by Asian Development Bank (ADB). The outlook offers economic analysis and forecasts. It also examines the social development issues, for Asian countries. The report in published in March or April, while an update on it is published in September. It is prepared by staff of ADB’s regional departments, and field offices, in coordination with the Economic Research and Regional Cooperation Department.

Asian Development Bank (ADB)

ADB is a regional development bank. It was established on December 19, 1966. It is headquartered in Philippines. ADB also maintains 31 field offices worldwide, for promoting social and economic development in Asia. currently, it has 68 members.

Month: Current Affairs - December, 2021