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Economy

Emerging Asia growing faster than China for 1st time in 30 years

Indonesia, Philippines are bright spots but India, Pakistan faltering, says ADB

Vegetable vendors at a roadside market in Jakarta on Sept. 12. Indonesia is one emerging Asian economy that is forecast to grow faster than expected this year.   © EPA/Jiji

MANILA -- China's COVID lockdowns mean its economic expansion this year will be slower than the rest of emerging Asia for the first time in more than three decades, the Asian Development Bank projected in a new report.

In an updated Asian Development Outlook report published Wednesday, the organization downgraded its forecast for China's 2022 growth to 3.3% from 5.0% in April. The bank also cut its projection for next year to 4.5% from 4.8%.

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