the asian development bank has again lowered its growth forecasts for the region as global monetary tightening the protracted war in ukraine and the slowdown in china keep challenging the economic recovery the manilabased multilateral bank on wednesday cut its 2022 and 2023 economic growth forecasts for developing asia a region comprising 46 of its members including china south korea and india it now expects growth of 43 this year down from the 52 it projected in april and lowered next years view to 49 from 53 there are two main drivers behind the downgrades adb chief economist albert park told dow jones newswires one is the slowdown in china he said thats been associated with the zerocovid policy which has really dampened consumer sentiment in china and led to supplychain bottlenecks there that have affected other economies and also reduced demand coming from there chinas growth outlook for this year has been slashed to 33 from 50 previously excluding its largest economy the region is tipped to grow 53 in both 2022 and 2023 this will be the first year in more than three decades that the rest of developing asia will grow faster than the prc peoples republic of china the bank said in a statement the second big factor is us fed tightening which has been more aggressive than we had anticipated in april mr park said all of that is a function of the continued inflationary pressures that weve been seeing globally exacerbated by the war in ukraine those pressures are expected to persist with inflation in developing asia now seen reaching 45 in 2022 versus the 37 predicted previously in 2023 that figure is tipped to climb to 40 from 31 before yet despite these headwinds  reopening policies are sustaining the regions recovery strengthening domestic demand the bank said indonesia and the philippines offer bright spots with robust domestic demand helping improve the outlook for southeast asia the subregion is expected to expand 51 this year up from the 49 projected in april though weaker global demand prospects drag next years forecast down to 50 from 52 it should be emphasized that although were downgrading our growth projections were still projecting 43 growth for developing asia which under the current global situation is much better than other parts of the world mr park said the adb has also cut expectations for major advanced economies noting that high inflation has prompted the us and the euro area to aggressively tighten monetary policy weakening demand in these economies which also continue to be affected by supplychain disruptions and uncertainty from the invasion of ukraine japans recovery meanwhile will be held back by weaker exports amid the supplychain disruptions and the delayed resumption of foreign tourist arrivals the bank said it expects 2022 gdp growth of 14 16 and 25 for japan the us and the euro zone respectively