Asia Development Bank has reduced its forecast for 2021 economic growth in Asia amid concerns that the epidemic is raging.
The ADB is projected to grow by 7.1% this year, according to its forecast Asia Development Exhibition report, a decrease with an estimate of 7.3% in April. It grew its growth rate by 2022 to 5.4% from 5.3%.
“The new Covid-19 models, the new explosions that have been existing, the reintroduction of various prevention and shut-off phases, as well as the gradual and unequal delivery of vaccines undermine the region’s prospects,” the ADB said in a statement.
“Growing Asia.” Management strategies should not only focus on vaccination, but also continue to support companies and families and re-establish economic sectors to adapt to the “unusual” as soon as the epidemic resumes. “
Covid-19 cases in Asia have risen since the Delta was released in April, the ADB said, with new daily cases rising to 430,000 in May. More than 163,000 daily lawsuits were filed on August 31st.
Meanwhile, vaccination is progressing. As of August 31, ADB data shows that 28.7% of Asian developing countries had adequate immunization coverage, compared with 51.8% in the US and 58.0% in the EU.
Asia’s economic recovery is also inconsistent, the ADB said. East Asian growth this year has risen to 7.6% from 7.4% in April, while expectations for 2022 growth have remained unchanged at 5.1%. ADB estimates in China remain at 8.1% this year and 5.5% next year.
The ADB expects growth of 8.8% in southern Asia this year, compared to the 9.5% predicted in April in the region, while the expectation for 2022 has grown to 7.0% from 6.6%.
ADB estimates in India were reduced to 10.0% from 11.0% in 2021. Next year’s forecast has changed to 7.5% from 7.0%.