The Asian Development Bank on Thursday downgraded developing Asia's growth outlook citing worsening European debt crisis and sluggish recovery in the United States.
The ADB projects 6.6 percent growth in 2012 and 7.1 percent expansion in 2013. The estimates were below the 6.9 percent and 7.3 percent forecast published in April.
"Economic growth in developing Asia moderated during the first half of 2012 as slower growth in the US and euro area reduced demand for the region's exports," the Asian Development Outlook Supplement said.
by RTT Staff Writer
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