Wednesday, September 21, 0:09 (UTC)

ADB downgrades 2022 Asia-Pacific growth forecast

The Asian Development Bank has revised downward its economic outlook for the Asia-Pacific region this year, citing a slowdown of the Chinese economy and global inflation.

The ADB says the regional economy is projected to expand by 4.3 percent on the year. That's down 0.9 percentage points from April.

The forecast excludes Japan, Australia and some other advanced economies.

The bank says China's "zero-COVID" policy is harming the country's economy while faster-than-expected inflation around the world is exerting downward pressure.

The ADB downgraded its growth forecast for China by 1.7 points to 3.3 percent.

India's outlook has been cut by 0.5 points to 7.0 percent. Singapore is projected to post economic growth of 3.7 percent, down 0.6 points from April.

Sri Lanka's economy is expected to shrink by 8.8 percent, as the country faces a serious economic crisis.

The ADB has also downgraded the regional forecast for next year, citing risks of further inflation and increased economic vulnerability brought on by rising debt.

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