Developing Asia’s Economic Outlook: Asian Development Outlook 2021 Update
Channel: Asian Development Bank
Date: 2021-09-22

ADB is lowering its 2021 economic growth outlook for developing Asia, amid continuing concerns over the COVID-19 pandemic. According to an update of ADB’s flagship economic publication, Asian Development Outlook (ADO) 2021, the region is forecast to grow 7.1% this year, compared to a projection of 7.3% in April. The growth outlook for 2022 is raised to 5.4% from 5.3%. ADB Acting Chief Economist Joseph Zveglich, Jr. says policy measures should not only focus on containment and vaccination, but also on continuing support to businesses and households and reorienting sectors in the economy to adapt to a “new normal” once the pandemic subsides, to kickstart the recovery.