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A strong rebound in domestic demand with the easing of COVID-19 mobility restrictions in the country will support robust growth for the Philippine economy in 2022, despite higher inflation due to global and local price pressures.
The Asian Development Bank maintained its economic growth forecast for Cambodia at 5.3% in 2022 but lowered the 2023 forecast to 6.2% from 6.5% due to weaker global growth.
ADB has lowered its 2022 economic growth outlook for India, amid sluggish global demand and tightening of monetary policy to manage inflationary pressures from elevated prices for oil and other commodities.
Indonesia’s economy is expected to grow by 5.4% in 2022 and by 5.0% in 2023, according to a report by ADB released today. Inflation is projected to increase significantly in 2022 and to remain elevated in 2023.
The Kyrgyz Republic’s economy is expected to grow 3.0% in 2022 and 3.5% in 2023 on the back of sustained growth in the first 7 months of this year and a government anti-crisis plan estimated to equal 2.5% of GDP, ADB said in a report.