ADB: Asia-Pacific economies to see slightly lower growth in 2021

  • 2/5/2023
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Manila, July 20, 2021, SPA -- Economies in Asia and the Pacific were projected to grow at a slightly lower rate this year as renewed coronavirus outbreaks hampered recovery in the region, the Asian Development Bank (ADB) said Tuesday, according to dpa. The Manila-based bank lowered its growth projection in the region to 7.2 per cent in 2021, compared to its forecast of 7.3 per cent in April, while the outlook for 2022 was upgraded to 5.4 per cent from 5.3 per cent. "Asia and the Pacific's recovery from the Covid-19 pandemic continues, although the path remains precarious amid renewed outbreaks, new virus variants, and an uneven vaccine rollout," said Yasuyuki Sawada, ADB's chief economist. "On top of containment and vaccination measures, phased and strategic rejuvenation of economic activities - for instance, trade, manufacturing, and tourism - will be key to ensure that the recovery is green, inclusive, and resilient," he added. The latest Covid-19 outbreaks were concentrated mainly in the sub-regions of South Asia, South-East Asia, and the Pacific, where countries reimposed containment measures and restrictions, the bank said in an update on its annual Asian Development Outlook report. East Asia on the other hand "has the virus largely under control," the report said. " --SPA 15:37 LOCAL TIME 12:37 GMT 0019 www.spa.gov.sa/w1588861

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