- Developing Asia’s economy is projected to grow 7.1% this year, compared with the 7.3% forecast in April, amid continuing concerns over the COVID-19 pandemic. The region is expected to grow 5.4% in 2022.
- New COVID-19 variants, renewed local outbreaks, the reinstatement of various levels of restrictions and lockdowns, and slow and uneven vaccine rollouts are weighing down developing Asia’s growth prospects.
- Inflation in developing Asia is expected to remain in check, at 2.2% this year and 2.7% in 2022. The current trend of higher international commodity and food prices could stoke inflation in some of the region’s economies.
ADB is lowering its 2021 economic growth outlook for developing Asia, amid continuing concerns over the COVID-19 pandemic. According to an update of ADB’s flagship economic publication, Asian Development Outlook (ADO) 2021, the region is forecast to grow 7.1% this year, compared to a projection of 7.3% in April. The growth outlook for 2022 is raised to 5.4% from 5.3%. ADB Acting Chief Economist Joseph Zveglich, Jr. says policy measures should not only focus on containment and vaccination, but also on continuing support to businesses and households and reorienting sectors in the economy to adapt to a “new normal” once the pandemic subsides, to kickstart the recovery.
Developing Asia's Economic Outlook: September 2021
New COVID-19 outbreaks continue, as virus variants emerge
Daily new COVID-19 cases in developing Asia
Vaccines are changing the nature of the pandemic, making it less deadly
Rollouts in Asia and the Pacific are gaining momentum, but progress is uneven and slower than in advanced economies
Economic recovery in the region will continue, but at different speeds
Regional output at the end of 2022 will remain below the pre-pandemic trend
People's Republic of China | Growth Forecast
India | Growth Forecast
Inflation will remain in check