The Asian Development Bank (ADB) has lowered its economic growth forecasts for the developing countries of Asia and the Pacific region amid the worsening global situation, APA-Economics reports citing ADB's annual supplement "Asia Development Outlook (ADO) 2022".
ADB predicted that the region's economy would grow by 4.2% this year and 4.6% next year. In September, ADB estimated that the region's economy would grow by 4.3% in 2022 and 4.9% in 2023.
ADB increased the economic growth forecast for the Caucasus and Central Asia, including Azerbaijan, from 3.9% to 4.8% for 2022. This is because the Russian-Ukrainian war had a more positive effect than expected. The bank also predicted that the region's GDP will grow by 4.2% in 2023.
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