The Asian released its Asian Development Outlook Report and reduced its Growth forecasts for developing Asia for year 2021.
This move came in line with the uncertainty that new Omicron coronavirus variant has brought.
ADB now sees 2021 gross domestic product (GDP) growth of 7.0% for developing Asia, as opposed to 7.1% forecast.
For 2022, it forecasted the growth of 5.3%.
Most of developing Asias subregions are expected to grow slower than previous forecast in 2021.
ADB has projected Chinas growth as 8.0% in 2021 and will slow down to 5.3% in 2022. Chinas economy, which staged an impressive rebound from last years pandemic slump, has lost momentum in recent months as it grapples with surging prices, a slowing manufacturing sector, debt problems in the property market and persistent COVID-19 outbreaks.