ADB Lowers Growth Forecast for Developing Asia Amid Global Gloom
ADB has lowered its economic growth forecasts for developing Asia and the Pacific amid a worsened global outlook. The region’s economy will grow 4.2% this year and 4.6% next year, ADB said in a regular supplement to the Asian Development Outlook 2022. ADB estimated in September that the economy would grow 4.3% in 2022 and 4.9% in 2023.
Deeper and stronger cross-border cooperation will improve Asia and the Pacific’s ability to manage impacts from global crises. Despite the pandemic, the region continued to advance trade deals and established the Regional Comprehensive Economic Partnership in 2020. ADB is helping member states counter global threats with support in areas including connectivity, trade, finance, digitalization, climate change, and other regional public goods.
The latest IPCC reports sounded an alarm: without urgent climate action, many parts of Asia and the Pacific may become unlivable within the next three decades. This warning builds on recent climate-related events, such as this year’s devastating floods in Pakistan and Asia’s hottest year on record in 2020, all of which threaten decades of economic and social development gains. Every dollar that can be mobilized in the fight against climate change is needed. And there is a significant source of funds that has so far only reached a fraction of its climate potential: Islamic finance.
Public spaces and transport services should be safe and accessible to all. Unfortunately, women and girls experience harassment, catcalling, unwanted attention, groping or worse while walking or using public transport. Project-level grievance redress mechanisms that integrate gender-based violence are essential to make public transportation equitable and safer. Communication is crucial to remove the barriers to reporting gender-based violence.
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Featured Topic: Transport
ADB is working throughout the region to promote safe, accessible, and green transport infrastructure and services.
By the Numbers: Pacific Economic Monitor – December 2022: The Future of Social Protection in the Pacific
This issue explores how Pacific developing member countries can strengthen their post-pandemic social protection systems to help address long-standing development concerns and boost resilience to further shocks.?
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1 年At the post pandemic stage and adapting to the impact of climate change and geopolitical conflicts - The Philippines’ Economic Team socioeconomic agenda aim to address inflation, socioeconomic scarring and low income, among others. “The overall goal is to reinvigorate job creation and reduce poverty by steering the economy back to its high-growth trajectory in the near term and sustaining the high yet inclusive and resilient growth of 6.5% to 8.0% up to 2028." I believe this is achievable with good governance, regional cooperation and continuing support of ADB.