Asian Development Bank downgrades developing Asia growth outlook for 2021 to 7%

TASS Russian News Agency | Dec 14, 2021 at 7:56 AM

HONG KONG /XIANGGANG/, December 14. /TASS/. The Asian Development Bank (ADB) has downgraded its economic growth projections for developing Asian countries for this year by 0.1 percentage point to 7%, according to a report released by a Manila-headquartered financial organization on Tuesday.

"The Asian Development Bank revised its economic growth outlook for developing Asia down slightly to 7% this year and 5.3% next year, after renewed outbreaks of coronavirus disease (COVID-19) led to slower growth in the third quarter," the report said.

The bank's September report projected 7.1% growth for 2021 and 5.4% for 2022.

"Developing Asia's steady progress in dealing with COVID-19, through continued vaccination drives and more strategic application of containment measures, helped boost growth prospects in the early part of the year. However, new outbreaks in the third quarter muted gross domestic product growth, and the advent of the Omicron virus variant is causing renewed uncertainty," ADB Acting Chief Economist Joseph Zveglich was quoted as saying.