Asia’s Regional Growth Is Expected To Slow: Asian Development Bank

Asia’s Regional Growth Is Expected To Slow: Asian Development Bank

April 4, 2020, 10:35 a.m.

ADB's Asian Development Outlook 2020 forecasts regional growth of 2.2% in 2020, a downward revision of 3.3 percentage points relative to the 5.5% ADB had forecast in September 2019.

According to Outlook 2020, economic growth in developing Asia is expected to rebound to 6.2% in 2021, assuming that the COVID-19 outbreak ends and activity normalizes. - ADB Report

Asian Development Bank’s Outlook 2020 said growth in the region is expected to slow sharply to 2.2% in 2020 under the effects of the current health emergency and then rebound to 6.2% in 2021.

Excluding Asia’s high-income newly industrialized economies, growth will drop from 5.7% to 2.4% this year before recovering to 6.7% next year.

Inflation accelerated in 2019 as food prices edged up but remained low by historical standards. Inflation will climb further to 3.2% in 2020, but declining food prices in the latter half of the year will set the stage for easing inflation in 2021.

Downside risks to the outlook are severe, most notably from coronavirus disease 2019 (COVID-19). In these difficult times, when challenges to growth abound, innovation is critical to inclusive and environmentally sustainable growth.

While some economies in developing Asia are near or at the global innovation frontier, many others lag behind. Economic growth in developing Asia will decline sharply in 2020 due to the effects of the COVID-19 pandemic, before recovering in 2021. - ADB Report

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