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Asian Development Bank (ADB) has cut its growth forecast for China to 4 percent in 2022 instead of 5 percent due to concerns over the country’s zero-Covid approach and strict lockdowns.  These measures has deepened the crisis in the already battered real estate sector reeling from the high level of debts and mortgage defaults. 

In its Asian Development Outlook, ADB said China’s continued adherence to a zero-covid strategy in response to renewed outbreaks early in 2022 has



triggered the reimposition of strict lockdowns. Amid a slowdown in China, ADB cut Asia's growth forecast to 4.6 percent as the prolonged war in Ukraine has pushed commodity prices higher and triggered monetary tightening by many central banks to control inflation. 

By 2023, ADB lowered its economic growth projection for developing Asia and the Pacific region to 5.2 percent from 5.3 percent, while raising the inflation forecast to 3.5 percent from 3.1 percent.


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