ADB lowers economic-growth forecast

July 23, 2015 3:44 PM

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Manila, July16 (BNA): The Asian Development Bank (ADB) has today (July16) reduced its economic-growth forecast for developing Asia due to slowing growth in the United States and China more than expected.

The Manila-based bank project a 6.1% rate of growth in the Gross Domestic Product (GDP), compared with the original forecast of 6.3% in March. The bank said noted the contracting US economy in the first quarter of 2015 and the weak performance in the Asian and the Pacific regions, hence the readjustment of growth forecasts for developing Asian countries.

The bank expects the weak performance of the Chinese economic to have a tangible impact on other Asian countries as Chinese is ranked as the second biggest economy in the world.

Source: bna.bh

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