ADB cuts developing Asia's GDP outlook for 2023 amid global growth concerns

Developing Asia will likely grow at a weaker-than-previously expected pace this year and in 2023, according to the Asian Development Bank.
 

The region is seen expanding 4.2% this year, before accelerating to 4.6% in 2023, the Manila-based lender said in a report Wednesday. The projections are down from the previously estimated expansion of 4.3% and 4.9%, respectively. 

Growth in China, the largest economy in Asia, is expected to slow in 2022 to 3% against a 3.3% expansion predicted in a September report. Hong Kong is the only economy in the region expected to post a contraction of 3.3% this year.