MANILA -- The Asian Development Bank (ADB) maintained the growth forecast for the Philippines at 4.5 percent in 2021 and 5.5 percent in 2022, according to an update to the Asian Development Outlook 2021 report released on Tuesday by the Manila-based bank.
"Sustained government spending on infrastructure and social assistance programs is supporting recovery, as did a gradual pickup in household spending aided by strong remittances," noted the report. (Philippines-Economy Outlook-ADB)
KUALA LUMPUR -- The Asian Development Bank (ADB) on Tuesday revised down Malaysia's growth forecast this year to 5.5 percent from 6 percent, as the movement control order amid COVID-19 pandemic drags its economy.
The ADB said in a report that an extension of lockdown measures imposed by Malaysia in the second quarter is expected to weaken domestic demand again.
"Business conditions for manufacturers deteriorated sharply in June under stricter containment measures. Greater downside risks are likely as rising infections show no sign of abating," said the ADB. (ADB-Malaysia-GDP)
HANOI -- The Asian Development Bank (ADB) has lowered its forecast of Vietnam's gross domestic product (GDP) growth to 5.8 percent in 2021 from the previous estimate of 6.7 percent in April, citing impacts of the COVID-19 pandemic.
The country's economic growth accelerated from 1.8 percent in the first half of 2020 to 5.6 percent in the same period this year as the global recovery from COVID-19 boosted export, despite the disruption caused by a new wave of COVID-19 that started in late April, the bank said in a report released Tuesday. (Vietnam-Growth-Downgrade)
MANILA -- The Asian Development Bank (ADB) said on Tuesday that it has lowered the economic growth outlook for developing Asia this year to 7.2 percent from 7.3 percent forecast in April, as renewed COVID-19 outbreaks slow the recovery in some economies in the region.
The Manila-based bank, however, lifted its growth outlook for 2022 to 5.4 percent from 5.3 percent.
The supplement to ADB's flagship economic publication, Asian Development Outlook 2021, released Tuesday, provides updated projections for the region's economies and inflation levels amid the COVID-19 pandemic. (ADB-Asia-Outlook)
TOKYO -- Japan's core consumer prices rose 0.2 percent year-on-year in June as the rise of energy prices more than offset the fall of mobile phone fees, the Japanese government data showed Tuesday.
According to Japan's Ministry of Internal Affairs and Communications, excluding volatile fresh food items, the core consumers prices of Japan rose for the second consecutive month after a 0.1 percent increase in May.
The core CPI, which measures inflation, is still far from reaching the 2 percent inflation target of the Bank of Japan. However, the slight price gaining provides relief for policymakers. (Japan-Consumer Price)