ADB: Asia below pre-pandemic levels as variants slow rebound
ABC News
The Asian Development Bank has lowered its outlook for economic growth in developing Asia to reflect renewed coronavirus outbreaks as variants spread, prompting governments to restore or keep in place their pandemic precautions
Developing economies in Asia will likely grow at a slower pace than earlier expected due to prolonged COVID-19 outbreaks and uneven progress in vaccinations, the Asian Development Bank said in a report Wednesday.
The regional lender lowered its outlook for economic growth to reflect renewed coronavirus outbreaks as variants spread, prompting fresh pandemic precautions.
The Manila, Philippines-based ADB expects 7.1% growth in 2021, falling to 5.4% in 2022. The forecast in April was for 7.3% growth this year and 5.3% in 2022.
Most regional economies will remain below their pre-pandemic levels into 2022, and some of the losses from the crisis will be permanent, ADB economists said.
