Sun, 24 Oct 2021

ULAN BATOR -- Mongolia's GDP is expected to grow 4.6 percent in 2021 on the back of continued economic rebound, the Asian Development Bank (ADB) said Wednesday.

The latest growth projection is slightly lower than the 4.8 percent forecast by the ADB in April.

Major drivers of the country's economic growth include robust export demand, increased private outlays as well as strong economic recovery of its neighbor China, the ADB said in its Asian Development Outlook 2021 Update. (Mongolia-ADB-Economy)

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HOUSTON -- The American Petroleum Institute (API) on Tuesday reported a decrease of 6.108 million barrels of crude oil in the U.S. crude oil inventories for the week ending Sept. 17.

The API reported a draw of 5.437 million barrels for the previous week.

Economists were expecting a draw of about 2.4 million barrels. (US-API-Decrease)

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COLOMBO -- Sri Lanka's merchandise exports increased by 14.4 percent year on year in August, reaching 1 billion U.S. dollars in revenue for the third consecutive month, the Export Development Board (EDB) said in a statement Wednesday.

Sri Lanka's merchandise export revenue in August stood at 1 billion U.S. dollars, compared to 947.2 million U.S. dollars in the same month in 2020. (Sri Lanka-Exports-August)

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KUALA LUMPUR -- The Asian Development Bank (ADB) on Wednesday revised down Malaysia's growth forecast this year to 4.7 percent from an earlier projection of 5.5 percent in July.

The main factors for the revision are the resurgence of COVID-19, causing the reimposition of nationwide containment measures and a lockdown, and continued political instability, the ADB said in a report. (Malaysia-ADB-Growth Forecase)

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MANILA -- The Asian Development Bank (ADB) lowered its 2021 economic growth outlook for developing Asia as the region grapples with COVID-19 pandemic fueled by the more virulent Delta variant and uneven progress on vaccination, according to an update to Asian Development Outlook (ADO) released on Wednesday.

The report, ADB's widely followed economic publication, forecasts developing Asia to grow by 7.1 percent this year, lower than the 7.3 percent projection in April. The growth outlook for 2022 is raised to 5.4 percent from 5.3 percent, supported by a broad recovery in exports. (ADB-Asia-Outlook)

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