ADB warns 'intensified' risks for developing Asia

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FE Team | Published: September 20, 2023 23:49:52

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MANILA, Sept 20 (AFP): Developing Asia faces "intensified" risks from China's troubled property sector and high interest rates around the world, the Asian Development Bank said Wednesday, as it trimmed its regional growth expectations.
Gross domestic product is forecast to expand by 4.7 per cent this year, the Manila-based lender said, slightly lower than its April estimate of 4.8 per cent.
It was faster than the 4.3 per cent growth recorded last year.
Developing Asia refers to the multilateral lender's 46 emerging member economies, stretching from Kazakhstan in Central Asia to the Cook Islands in the Pacific.
"Risks to the outlook have intensified," the bank said in its latest update of forecasts for this year and next, noting weaknesses in China's property sector could "hold back regional growth".
Other challenges included high interest rates and threats to food security from the El Nino weather phenomenon and export restrictions imposed by some countries.
Inflation is also expected to drop to 3.6 per cent this year from 4.4 per cent last year, the ADB said.