Africa Business Radio

The Asian Development Bank has cut its economic growth forecast for developing Asia for this year and next due to the emergence of the Omicron coronavirus variant. The Manila-based development bank forecast the region’s emerging economies would grow 7 per cent in 2021 and 5.3 per cent in 2022, down 0.1 per cent from its previous estimate. The bank cited a resurgence of COVID-19 cases due to the Omicron variant as the biggest risk to the region’s recovery, with other dangers including a prolonged slowdown in China’s housing market, rising inflation and global supply chain disruptions. The bank cut India’s growth estimate to 9.7 per cent for 2021, compared with 10 per cent in September, with its 2022 estimate of 7.5 per cent growth remaining unchanged.