The Asian Development Bank (ADB) has revealed that Asia’s economic growth this year will be slightly lower than previously projected, citing the resurgence of COVID-19 infections.
The ADB said recovery is underway in the bank’s 46 members, including China and India, but growth was revised down to 7.2%, from 7.3% projected in its Asian Development Outlook (ADO) report released in April.
ADB Chief Economist Yasuyuki Sawada said Asia and the Pacific’s recovery from the COVID-19 pandemic continues, although the path remains precarious amid renewed outbreaks, new virus variants and an uneven vaccine rollout.
In Southeast Asia, the ADB revised 2021 growth forecasts to 4.1% from 4.5% for Indonesia; 2.0% from 3.0% for Thailand; 5.5% from 6.0% for Malaysia; and 5.8% from 6.7% for Vietnam.
For 2022, the ADB maintained its growth forecasts for most Southeast Asian economies: 5.0% for Indonesia, 5.7% for Malaysia, 5.5% for the Philippines, 4.1% for Singapore, and 7.0% for Vietnam. But it raised the growth projection for Thailand to 4.9% for next year from 4.5%. (NNT)