Asian Development Outlook (ADO) 2022 Update

<p>In this report ADB has lowered its forecasts for economic growth in developing Asia and the Pacific to 4.3% in 2022 and 4.9% in 2023 amid mounting challenges. Its theme chapter looks at how digital entrepreneurship spurs growth and innovation. </p><p><br></p><p>The region's economy is expected to grow 4.3% this year compared with ADB's projection in April of a 5.2% expansion while the growth forecast for next year is lowered to 4.9% from 5.3%. The downward revisions have been driven by increased monetary tightening by central banks fallout from the protracted Russian invasion of Ukraine and recurrent COVID-19 lockdowns in the People's Republic of China. Inflation in developing Asia this year is likely to reach 4.5% up from ADB's earlier projection of 3.7%. The forecast for 2023 is 4.0% up from 3.1%. While inflation in the region remains lower than elsewhere supply disruptions continue to push up food and fuel prices.</p><p><br></p><p>The report's theme chapter looks at the role of entrepreneurship in achieving inclusive growth and how governments in the region can create a more enabling environment for digital entrepreneurs.</p>