ADB pares S-E Asia growth outlook on Omicron spread

It warns of further risk from China outbreaks and sharper-than-expected rate hikes from the US Fed

Annabeth Leow

Published Thu, Apr 7, 2022 · 05:50 AM

China economy

Singapore

SOUTH-EAST Asia could see softer economic growth in 2022, as the Asian Development Bank (ADB) pared its full-year gross domestic product (GDP) forecast to 4.9 per cent, from 5.1 per cent previously.

Growth is expected to pick up to 5.2 per cent in 2023, as the recovery is gaining momentum "in most of the sub-region's economies as Covid-19 vaccination coverage increases and mobility restrictions are eased", the ADB said in its latest Asian Development Outlook report on Wednesday (Apr 6).