Asia’s economic growth outlook slashed on China, Ukraine fears
Al JazeeraThe Asian Development Bank has slashed its economic forecasts for Asia, citing deteriorating conditions due to China’s “zero COVID” lockdowns, rising interest rates in developed economies and the war in Ukraine. Asia’s developing economies, which include China and India, are expected to grow 4.6 percent in 2022 and 5.2 percent in 2023, according to the ABD’s latest economic outlook released on Thursday. China’s economy is forecast to expand 4 percent, revised down from 5 percent, amid “disruption from new COVID-19 lockdowns” and “weaker global demand”. The ADB’s sombre outlook is the latest warning shot for the global economy as China’s economic slowdown, interest rate hikes in advanced economies, and the Ukraine crisis raise fears of a global economic downturn.