ADB trims 2024 growth outlook for Asia on rate hike effects

Development bank maintains projection for this year

20230718 Business District Beijing

A man walks in Beijing's Central Business District on July 12. © Reuters

CLIFF VENZON, Nikkei staff writer

MANILA -- The Asian Development Bank cut next year's economic growth forecast for developing Asia, while maintaining its projection for 2023.

The ADB's lowering of its 2024 estimate to 4.7% from 4.8% reflects a global outlook that is "dimmed by lagged effects from interest rate hikes."

Sponsored Content

About Sponsored ContentThis content was commissioned by Nikkei's Global Business Bureau.