Transcription of ASIAN DEVELOPMENT OUTLOOK
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ASIAN DEVELOPMENT OUTLOOK
HIGHLIGHTS Economic growth forecasts for developing Asia are downgraded slightly to in 2021 and in 2022 as the recent emergence of a highly mutated virus variant and a rise in infections globally indicate that the pandemic is far from over. East Asia s growth forecasts are revised down marginally for both 2021 and 2022, with the People s Republic of China now expected to grow more slowly, by in 2021 and in 2022. The growth forecast for South Asia is revised down to for 2021, while the forecast for 2022 is maintained at India s projection is lowered to for fiscal 2021 and remains unchanged at for 2022. After growth in Southeast Asia decelerated in the third quarter, the subregional forecast is revised down from to for 2021 but revised up to for 2022. Central Asia s growth prospects are substantially upgraded from to for 2021 and then from to for 2022. The Pacific is still forecast to contract by in 2021, then grow by in 2022, slightly slower than earlier forecast.
Growth and inflation outlook East Asia Subregional growth forecasts are revised down slightly from 7.6% to 7.5% for 2021 and from 5.1% to 5.0% for 2022 as recovery in the PRC is now seen to be weaker than earlier expected. The PRC saw GDP expand by 9.8% year on year in the first 3 quarters of 2021, with growth in industry at developing Asia
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