Ukraine war to slow growth in developing Asia - ADB
STORY: The bloc's combined economy, which includes China and India, was projected to expand 5.2% this year, the ADB said in its outlook report, down slightly from its 5.3% forecast in December, and sharply lower than the previous year's 6.9% growth.
ADB chief economist Albert Park said in an online media briefing ahead of the report's release, Russia's invasion of Ukraine had a "downward effect with the uncertainty surrounding it and rising commodity prices,", adding that if sanctions to stop Russia from selling oil and gas are effective, it would add pressure to the oil importing countries in the region.
China's economy would probably grow 5.0% this year, the ADB said, slower than its December projection, and much weaker than its 8.1% expansion in 2021, as COVID-19 outbreaks, driven by the Omicron variant, disrupt economic activities and chill consumer spending.
Except for South Asia, all sub-regions were expected to post slower-than-expected growth this year. The ADB now sees East Asia and Southeast Asia, growing 4.7% and 4.9%, respectively, instead of 5.0% and 5.1%.
