ADB slashes 2020 growth forecast for developing Asia to 0.1% from 2.2%

MANILA: The Asian Development Bank (ADB) on Thursday slashed its growth forecast for developing Asia this year to 0.1% from 2.2% to reflect the impact of the lockdowns on economic activity due to the coronavirus pandemic.

The ADB kept its economic growth forecast for developing Asia for next year at 6.2%.

Measures to contain the contagious flu-like virus have hammered economies in Asia, causing a freeze in domestic demand and the shuttering of businesses.