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ADB Cuts Growth Forecast for Developing Asia

13 July 2012

The Asian Development Bank cut growth forecast for developing Asia on Thursday, citing Europe’s worsening financial crisis, sluggish recovery in the US and slower growth in China and India. The bank predicted that the region’s economies will expand by 6.6 percent this year and 7.1 percent next year. The figures are lower than the bank’s growth outlook announced in April of 6.9 percent this year and 7.3 percent in 2013. However, it said a strong rebound in Thailand, healthy growth in the Philippines, and increasing consumer demand in Indonesia have aided Southeast Asian economies.—AP