ADB cuts Asia growth forecasts on India's slowdown
HONG KONG (AFP) - The Asian Development Bank on Friday cut its economic growth forecasts for the region, which has been dragged back by a continued slowdown in India despite positive data out of powerhouse China.
The ADB lowered its 2012 growth forecast for developing Asia, which comprises 45 nations, marginally from 6.1 per cent to 6.0 per cent. It also revised downward the 6.7 per cent growth outlook for 2013 to 6.6 per cent.
It is the second time the bank has slashed growth estimates for the region, after cutting April's forecast of 6.9 per cent growth in 2012 to 6.1 per cent in October - the lowest rate since 2009 when the economy expanded by six percent.
It said the adjustment was made following mixed third quarter data in which "positive events" were slightly outweighed by sluggish figures elsewhere.