ADB lowers 2016 growth forecast for developing Asia

The Asian Development Bank slightly lowered its 2016 growth forecast for developing Asia.
The Asian Development Bank slightly lowered its 2016 growth forecast for developing Asia.PHOTO: BLOOMBERG

MANILA (REUTERS) - The Asian Development Bank slightly lowered its 2016 growth forecast for developing Asia on Tuesday (Dec 13), reflecting slower-than-expected expansion in India.

Developing Asia, which groups 45 countries in the Asia-Pacific region, is now expected to expand 5.6 per cent this year, slightly weaker than a previous forecast of 5.7 per cent, the ADB said in a supplement to its Asian Development Outlook 2016.

The ADB trimmed its growth estimate for India this year to 7.0 per cent from 7.4 per cent due to weak investment, agricultural slowdown and the government's demonetisation, but India is expected to end 2017 at faster growth rate of 7.8 per cent.

The ADB said China is seen expanding 6.6 per cent this year and 6.4 per cent next year.