ADB: Asia below pre-pandemic levels as variants slow rebound

By ELAINE KURTENBACH
AP Business Writer

The Asian Development Bank has lowered its outlook for economic growth in developing Asia to reflect renewed coronavirus outbreaks as variants spread, prompting governments to restore or keep in place their pandemic precautions. It expects 7.1% growth in 2021, falling to 5.4% in 2022. The earlier forecast was for 7.3% growth this year and 5.3% in 2022. The regional lender anticipates that most regional economies will remain below their pre-pandemic levels into 2022. ADB economists said some of the losses from the crisis will be permanent. The report released Wednesday says slow and uneven vaccine rollouts are weighing down the region’s prospects.