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Why are some of Asia’s largest economies declining?

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The Asian Development Bank or ADB has downgraded its predictions for growth forecasts among the regions developing economies

The ADB has cited deteriorating conditions due to China’s “zero Covid” lockdowns, a rise in interest rates in developing countries and the war in Ukraine.

Two big economies in Asia, China and India are expected to grow %4.6 percent in 2022 and 5.2% in 2023 according to the latest data. 

In April the ADB had a higher growth prediction at 5.2 and 5.3 percent respectively.

South Korea’s economic forecast was also been slashed

For China’s economy, the report cited “disruptions from China’s new covid lockdowns” and “weaker global demand”.

But moving against the negative trend, are the pacific island nations.

Their forecasts revised positively from 3.9 percent to 4.7 percent.

The ADB cited a stronger than anticipated rebound from tourism.

The gloomy predictions from the ADB have come as a warning for the global economy.

The International Monetary Fund has also stated that it will substantially downgrade its forecast for the global economy.

It does seem like their needs to be a global economic rebound but how will we get it?

Perhaps the answer lies in good economic management

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