Asian Development Bank (ADB) released a prediction report on December 14, which reduced the forecast of Asian economic growth in 2022 to 4.2%, slightly lower than the September forecast of 4.3%; for 2023The annual forecast was reduced from 4.9%to 4.6%.

(Manila Composite Electric) The growth rate of this year and next year in Asia's development may be lower than previous expectations. The impact of factors such as the Russia -Ukraine War, the slowdown of the global economic slowdown, and the Chinese epidemic prevention and control have limited Asia's growth.

Asia Development Bank (ADB) released a forecast report on December 14, which reduced the prediction of 2022 to 4.2%, slightly lower than the September forecast of 4.3%; the forecast for 2023 was lowered from 4.9%to 4.6%."The recovery of the Asian economy is expected to continue, but it will lose some motivation."

ADB pointed out that the high consumer prices in the United States and other developed economies will promote the central banks in various places to increase interest rates; and the war in Russia's invasion of Ukraine may further promote inflation to rise.

ADB latest estimates that due to factors such as strict implementation of epidemic prevention measures, unstable real estate market, and slow recovery in the individual consumption and service industry, China's largest economy in Asia will achieve an increase of 3.0%and 4.3%this year and next year, compared with September forecasts in September forecast3.3%and 4.5%are low.

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ADB makes the latest forecast, it is assumed that China will gradually relax the zero policy of crown disease.Beijing began to relax the epidemic prevention limit last week, allowing confirmed home isolation and ending large -scale blockade.

India, another major economy in Asia, may maintain a 7%economic growth this year, and will accelerate to 7.2%in 2023.

Economic recovery and foreign tourists have increased Southeast Asia to reach 5.5 % this year

Benefiting from personal consumption recovery and increased foreign tourists, Southeast Asia can achieve 5.5%growth this year, 0.4 percentage points higher than the previous forecast 5.1%.However, ADB reduced Southeast Asian growth forecast to 4.7%next year, 0.3 percentage points lower than expected in September, reflecting the weakness of global demand.

However, ADB pointed out that the growth rate of the Asian economy this year and next year will exceed the rest of the world, and at the same time, it will be at least affected by the soaring inflation.

The inflation forecast of the Asian economy in 2022 was 4.4%, which was lower than the 4.5%predicted in September.

2023 inflation forecasts are 4.2 %, which is more than 4.0 %higher than September forecast.ADB pointed out that "oil, natural gas, and grain prices have fallen, but compared with the Ukrainian war, it is still at a high level." Asian countries should be vigilant and prices continue to rise in the future.

Overall, the prospects of Asia in 2023 are slightly dim.The Asian Development Bank headquartered in the Philippines lowered the 2023 Asian growth forecast from 4.9%to 4.6%, which is a relationship of weak global demand.

The growth rate of the Asian economy this year and next year will exceed the other parts of the world, and at the same time, it will be minimized by inflation.

—— Asian Development Bank Forecast Report