ADB slashes emerging Asia growth forecast from 6.6% to 6%
HONG KONG (AP) - The Asian Development Bank (ADB) cut its economic growth forecast for developing Asia on Wednesday, citing weakness in region's two largest economies China and India, and jitters over plans to scale back US stimulus that destabilised financial markets.
The Manila-based lender said it expects the region's emerging economies to grow by 6 per cent this year, down from 6.6 per cent predicted in April.
The ADB also cut its 2014 growth forecast, to 6.2 per cent from 6.7 per cent.
"Developing Asia is challenged to sustain its growth momentum," the bank said in an update to its Asian Development Outlook report, which covers 45 developing or newly industrialised countries in Asia and the Pacific but excludes Japan.