The Asian Development Bank (ADB) has lowered its gross domestic product growth forecast from 4.3% to 4.2% for this year in the developing Asia region due to China's strong COVID-19 measures, the Russia-Ukraine war, and slowing global growth.
The bank has also revised down its forecast from 4.9% to 4.6% for the next year in the same area, it announced on Wednesday.
The ADB also lowered its inflation expectations for the region from 4.5% to 4.4% for this year but increased them from 4% to 4.2% for 2023.
The bank noted: "Monetary policy tightening by central banks globally and in the region, the protracted Russian invasion of Ukraine, and recurring lockdowns in the People’s Republic of China (PRC) are slowing down developing Asia’s recovery from the COVID-19 pandemic.
"Restrictions under the ‘zero-COVID’ approach, along with a struggling property market, have led to another downgrade of the PRC’s growth outlook," it added.