Asia region's economy projected to grow 4.2 percent this year and 4.6 percent next year

The region's economy will grow 4.2 percent this year and 4.6 percent next year, according to the next addendum to the ADB's Asian Development Outlook for 2022, released on December 14. In September, the ADB projected that the economy would grow by 4.3 per cent in 2022 and 4.9 per cent in 2023.

The PRC economy is projected to grow by 3 per cent this year instead of the previous 3.3 per cent. The forecast for next year has been lowered from 4.5 per cent to 4.3 per cent due to a slowdown in global growth. India's GDP growth forecasts remained unchanged at 7% for this fiscal year and 7.2% for next fiscal year.

Even if the forecasts are lowered, developing Asian countries would fare better than anywhere else in the world in terms of growth and inflation.

In particular, the ADB's growth forecast for Southeast Asia has been raised from 5.1% to 5.5% this year due to strong consumption and tourism recovery in Malaysia, the Philippines, Thailand and Vietnam.

However, forecasts for next year have been lowered from 5% to 4.7% due to weakening global demand. This year's growth forecast for the Caucasus and Central Asia has been increased from 3.9% to 4.8%. The forecast for the Pacific rose from 4.7% to 5.3% due to a strong tourism recovery in Fiji.