Date Published:
July 21, 2021
The Asian Development Bank (ADB) lowered its growth outlook for the region this year, including for Southeast Asia. Developing Asia is projected to grow by 7.2% instead of 7.3% in 2021 as renewed COVID-19 outbreaks slowed economic recovery. The growth outlook for 2022 is upgraded to 5.4% from 5.3%.
The forecast for Southeast Asia, as well as South Asia and the Pacific, was also lowered as containment measures and restrictions hampered economic activity. ADB revised Southeast Asia’s 2021 outlook to 4.0% from its 4.4% forecast in April. The 2022 growth forecast was however upgraded to 5.2% from 5.1% in anticipation of a substantial increase in COVID-19 vaccination coverage by next year.
ADB released its updated projections for the region’s economies on Tuesday, 20 July.
In Southeast Asia, ADB lowered GDP forecasts for Indonesia (4.1% from 4.5%), Malaysia (5.5% from 6.0%), Thailand (2.0% from 3.0%), and Viet Nam (5.8% from 6.7%), as well as for the Lao People’s Democratic Republic and Timor-Leste, and raised it for Singapore (6.3% from 6.0%). The forecasts for Brunei Darussalam, Cambodia, Myanmar, and the Philippines did not change.