ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty.
Established in 1966, it is owned by 68 members—49 from the region.
ORGANIZATION
ACCOUNTABILITY
ADB supports projects in developing member countries that create economic and development impact, delivered through both public and private sector operations, advisory services, and knowledge support.
Key Messages
- This Supplement revises the growth forecasts for developing Asia from 5.2% to 4.6% for 2022 and from 5.3% to 5.2% for 2023, reflecting worsened economic prospects because of COVID-19 lockdowns in the People’s Republic of China (PRC), more aggressive monetary tightening in advanced economies, and fallout from Russia’s protracted invasion of Ukraine.
- The inflation forecast for developing Asia is revised up, from 3.7% to 4.2% for 2022 and from 3.1% to 3.5% for 2023, amid higher fuel and food prices. Inflation pressures in the region are, however, less than elsewhere in the world.
Developing Asia Outlook
Reflecting worsened economic prospects, growth forecasts for developing Asia are revised down relative to those in the ADO in April: from 5.2% to 4.6% for 2022, and from 5.3% to 5.2% for 2023. Risks to the region’s economic outlook remain elevated, and mainly associated with external factors. A substantial slowdown in global growth could adversely affect exports, manufacturing activity and employment prospects, and cause turbulence in financial markets.
Publication and Links
Asian Development Outlook (ADO) Supplement, July 2022
The Asian Development Outlook analyzes economic and development issues in developing countries in Asia. This includes forecasting the inflation and gross domestic product growth rates of countries throughout the region, including the People’s Republic of China and India.