Asian Development Outlook (ADO) Supplement, December 2022: Key Messages
- Three main headwinds continue to hamper recovery in developing Asia: recurrent lockdowns in the People’s Republic of China (PRC), the Russian invasion of Ukraine, and slowing global growth. Growth forecasts for the region are revised down from 4.3% to 4.2% in 2022 and from 4.9% to 4.6% in 2023.
- Regional inflation forecasts are revised down slightly for 2022 from 4.5% to 4.4% but upgraded for 2023 from 4.0% to 4.2%. Even with the deteriorating outlook, developing Asia will grow more than other regions and suffer less inflation than most.