MANILA, July 20 (Xinhua) — The Asian Development Bank (ADB) said on Tuesday that it has lowered the economic growth outlook for developing Asia this year to 7.2 percent from 7.3 percent forecast in April, as renewed COVID-19 outbreaks slow the recovery in some economies in the region.
The Manila-based bank, however, lifted its growth outlook for 2022 to 5.4 percent from 5.3 percent.
The supplement to ADB’s flagship economic publication, Asian Development Outlook (ADO) 2021, released Tuesday, provides updated projections for the region’s economies and inflation levels amid the COVID-19 pandemic.
“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,” ADB Chief Economist Yasuyuki Sawada said in a statement.
“On top of containment and vaccination measures, phased and strategic rejuvenation of economic activities, for instance, trade, manufacturing, and…