Asian Development Bank forecasts:
- cuts China 2022 growth forecast to 3.3% from 5.0% estimate in April
- cuts China 2023 growth forecast to 4.5% from 4.8% estimate in April
More widely:
- cuts developing Asia economic growth forecast for 2022 to 4.3% from 5.2% estimate in April
- cuts developing Asia growth forecast for 2023 to 4.9% from 5.3% estimate in April
Citing:
- "Since the April Asian Development Outlook, various headwinds have strengthened," said ADB Chief Economist Albert Park. "More aggressive tightening by the U.S. Federal Reserve and other central banks is denting global demand and rattling financial markets."
Info comes via Reuters. Cuts to growth forecasts are hardly new news.
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Rolling lockdowns continue in China too:
