ADB Raises Asia Growth Forecast to 4.9%, but Inflation and Middle East Risks Loom

The Asian Development Bank (ADB) has revised up its growth outlook for developing Asia and the Pacific, but the region still faces headwinds from elevated energy prices and supply chain disruptions tied to the Middle East conflict. In its latest Asian Development Outlook, the Manila-based lender now expects the 43 economies it covers — excluding Australia, Japan, New Zealand, Singapore, and South Korea — to expand by 4.9% this year, up from the 4.7% it forecast in late April. However, that remains below the 5.1% it had penciled in at the start of the year.