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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.
