ADB is lowering its 2021 economic growth outlook for developing Asia amid continuing concerns over the COVID-19 pandemic. The forecast for this year is trimmed to 7.1% from the 7.3% projection in April, according to an update of the bank’s flagship economic publication, Asian Development Outlook (ADO) 2021. The outlook for 2022 is raised to 5.4% from 5.3%. New COVID-19 variants, renewed local outbreaks, the reinstatement of various levels of restrictions and lockdowns, and slow and uneven vaccine rollouts are weighing down the region’s prospects.

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