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Asian Development Outlook - July 2022 Economic Forecasts

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  • 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.
JJ竞技(拉萨)登录手游 Chief Economist Albert Park

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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.

Inflation

Largely due to higher fuel and food prices, inflation forecasts are revised upwards for both years: from 3.7% to 4.2% for 2022, and from 3.1% to 3.5% for 2023.

Inflation Rate Forecasts - Developing Asia

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.

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