Pedestrians walk past a logo of the Asian Development Bank (ADB) displayed outside its headquarters in Manila, Philippines on Sept 2, 2010. (TED ALJIBE / AFP)

MANILA - The Asian Development Bank cut its growth forecasts for developing Asia for this year and next as the region faces persistent headwinds from the Russia-Ukraine conflict and a slowing global economy.

The Manila-based lender said in a supplement to its Asia Development Outlook report it expected 2022 growth in developing Asia to slow to 4.2 percent, down slightly from its 4.3 percent forecast in September and marking the fifth time the outlook was downgraded.

The growth outlook for the sub-regions was mixed, with the 2022 forecasts for Southeast Asia and Central Asia revised higher, while the projections for East Asia for this year and next were trimmed

For next year, the combined bloc's economy, which includes India, is projected to grow 4.6 percent, much slower than its previous projection of 4.9 percent.

ALSO READ: ADB: Pandemic delays Asia's poverty alleviation by 2 years

"Recovery in developing Asia is expected to continue but lose steam," the ADB said in the report released on Wednesday.

The growth outlook for the sub-regions was mixed, with the 2022 forecasts for Southeast Asia and Central Asia revised higher, while the projections for East Asia for this year and next were trimmed.

The region may see a little respite from rising consumer prices with regional inflation now expected to settle at 4.4 percent this year from 4.5 percent previously, and 4.2 percent in 2023, the ADB said.

READ MORE: ADB lowers Asia growth outlook to 4.3% as global risks mount

The ADB warned risks to the growth outlook remain as the conflict in Ukraine could renew surges in commodity prices, stoke global inflation and induce further monetary tightening.