fbpx Asian Development Outlook (ADO) Outlook Supplement December 2022: Economic Forecasts | Asian Development Bank
Asian Development Outlook - December 2022 Economic Forecasts

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.
ADB Chief Economist Albert Park

  Download the full report

  Join the conversation. #ADO2022

Latest Findings   Download full presentation

Use the side arrows to toggle between the slides.

  • The pandemic is fading, and (most) economies are loosening pandemic restrictions
  • Increased mobility is underpinning a recovery in domestic demand
  • The Caucasus and Central Asian economies have been resilient
  • Inflation rose further, but it may have peaked in many economies
  • As global financial conditions tightened, most regional currencies have depreciated this year
  • Monetary policy tightening in the region has also accelerated
  • Leading indicators already show signs of weakening
  • The global economy will slow further as tightening continues in advanced economies
  • A gloomy outlook. Growth in major advanced economies is expected to slow considerably in 2023.
  • Download the full presentation for the latest Asia-Pacific economic forecasts

Developing Asia Outlook

  • Growth prospects in the Caucasus and Central Asia are adjusted up from 3.9% to 4.8% in 2022 as spillover from the Russian invasion of Ukraine has been more benign than expected.
  • East Asia’s growth forecasts are revised down to 2.9% in 2022—due to the mobility restrictions in the People's Republic of China plus deep contraction in Hong Kong, China—and down to 4.0% in 2023.
  • The South Asian forecast for 2022 is maintained at 6.5% but revised down marginally for 2023 from 6.5% to 6.3% following a slowdown in Bangladesh and flooding in Pakistan.
  • The 2022 forecast for Southeast Asia is upgraded from 5.1% to 5.5% on robust consumption and tourism recovery in Malaysia, the Philippines, Thailand, and Viet Nam. The 2023 forecast is revised down to 4.7% as global demand weakens.
  • The growth forecast for the Pacific in 2022 is also revised up, from 4.7% to 5.3% on a strong tourism rebound in Fiji.

Made with Flourish

Made with Flourish

  Read the news release

Inflation

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.

Inflation Rate Forecasts - Developing Asia

Publication and Links

Asian Development Bank Outlook Supplement December 2022

Asian Development Outlook (ADO) 2022 Supplement: Global Gloom Dims Asian Prospects

The Asian Development Outlook analyzes economic and development issues in developing countries in Asia. This includes forecasting the inflation and gross domestic product growth rates of countries throughout the region, including the People’s Republic of China and India.