China’s property sector woes and soaring global interest rates prompt a cut in regional growth to 4.7%.
Anticipating China’s slowdown, the Asian Development Bank foresees inflation easing to 3.6% this year, down from 4.4% last year.
Gross domestic product is forecast to expand by 4.7% this year, the Manila-based lender said, slightly lower than its April estimate of 4.8%.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.
Other challenges included high interest rates and threats to food security from the El Nino weather phenomenon and export restrictions imposed by some countries. The bank slashed its China inflation estimate to 0.7% for this year, from its April forecast of 2.2%.
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