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Asian Development Bank said on Wednesday that weak revenues and high spending erase fiscal surpluses and expand deficits across developing Asia.
Nepal’s economy is anticipated to grow by 3.9% in FY 2022 from an estimated 2.3% growth in FY2021, says the Asian Development Outlook (ADO) 2022, ADB's flagship economic publication, and its Macroeconomic Update.
Uzbekistan’s growth is expected to slow in 2022 due to lower investment and remittances from the Russian Federation before rising slightly in 2023, while green financing can support the country’s transition to a greener economy.
ADB's annual flagship economic publication forecasts a muted recovery from the pandemic as Sri Lanka’s economy grapples with macroeconomic challenges arising from high debt, low foreign reserves, and inflationary pressures.
Mongolia’s growth is expected to be constrained by high inflation, persistent trade disruptions, tighter external financing conditions, and geopolitical risks before accelerating in 2023 as COVID-19 concerns and trade disruptions ease.