Developing Asia’s economy will rebound faster this year than previously estimated, as nations tread diverging recovery paths, according to the Asian Development Bank.
Southeast Asia’s forecast was lowered to 4.4% growth this year amid reduced projections for Malaysia, the Philippines and Thailand.
The region’s gross domestic product will expand 7.3% this year, better than the 6.8% forecast in December and a turnaround from last year’s 0.2% contraction, the ADB said in its Asian Development Outlook released Wednesday. It sees developing Asia’s growth moderating to 5.3% in 2022.
“Economies in the region are on diverging paths,” ADB Chief Economist Yasuyuki Sawada said. “Their trajectories are shaped by the extent of domestic outbreaks, the pace of their vaccine rollouts, and how much they are benefiting from the global recovery.”