Asian Development Bank cuts China’s economic growth forecast to 3.3% in 2022

The Asian Development Bank (ADB) cut its forecast for economic growth in China to 3.3 percent this year from 4 percent previously forecast, citing the closures caused by the Corona pandemic.

The bank added that the growth of the Chinese economy will be slower than the rest of developing Asia for the first time in more than three decades.

The Asian economies to grow by 4.2 percent this year, which is a decline from its previous forecast of 4.6 percent, according to ADB’s expectation. ADB excepts rest of developing Asia to expand by 5.3 percent this year except China.