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Economy

India and ASEAN growth forecasts cut amid COVID delta outbreak

ADB lowers emerging Asia's economic rebound to 7.2% in 2021

People shop at a crowded wholesale vegetable market after authorities eased coronavirus restrictions, following a drop in the COVID-19 cases, in the old quarters of Delhi, India, June 23.   © Reuters

MANILA -- India and Southeast Asia's economic rebound this year will be smaller than initially projected, the Asian Development Bank says in a new report released on Tuesday, due to the effects of the more virulent COVID-19 delta variant.

Outbreaks in those economies have dragged down the overall growth outlook of developing Asia, which is now projected to grow this year by 7.2% from 7.3%, according to an update to Asian Development Outlook, ADB's widely followed economic publication. It also upgraded next year's regional growth expectations to 5.4% from 5.3%.

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