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.

Transcript

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

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