The Asian Development Bank lowered its growth forecast for the region to 3.1% for 2021, from its previous forecast of 4.4%.
SINGAPORE — Southeast Asian economies will recover at "a much slower pace" than previously thought due to recurring waves of Covid-19, the Asian Development Bank said Wednesday.
The bank lowered its growth forecast for the region to 3.1% for 2021, from its previous forecast of 4.4%. ADB downgraded economic growth projections for all Southeast Asian economies — except Singapore and the Philippines.
Southeast Asia plays a major role in the global manufacturing supply chain. Lockdowns and social-distancing measures in the region have prolonged a global shortage of semiconductors, and constrained theAcross developing Asia, many countries are slow in vaccinating their people — and that's holding back economic recovery, said ADB.
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