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Economy

ADB slashes Malaysia and Vietnam annual growth forecasts

Bank trims emerging Asia's 2022 projections on omicron's emergence

A vendor preparing to open his stall ahead of a day of business at a wet market in downtown Kuala Lumpur.    © AP

MANILA -- The Asian Development Bank slashed growth estimates for Vietnam and Malaysia this year after third-quarter contractions, while trimming its forecast for developing Asia in 2022 because of the emergence of the COVID-19 omicron variant.

The region's gross domestic product is poised to expand 7.0% this year and 5.3% next, lower than the September forecasts of 7.1% and 5.4% respectively, the ADB said in an update to its Asian Development Outlook.

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