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IMF Lowers Asia's Growth Outlook

The International Monetary Fund downgraded Asia's growth outlook citing prolonged global policy uncertainty and slowing growth in China and India.

According to the latest economic assessment for Asia and the Pacific, released Wednesday, the region will grow only 5 percent this year instead of 5.4 percent due to weak trade and investment. This would be the slowest expansion since the global financial crisis.

The projection for 2020 was trimmed to 5.1 percent from 5.4 percent.

China's growth is expected to moderate to 6.1 percent in 2019, and 5.8 percent in 2020.

In India, growth decelerated sharply in recent quarters but is set to strengthen from 6.1 percent in fiscal year 2019 to 7 percent in 2020.

Considering the expected deceleration in growth, the lender called for macroeconomic policies to smooth domestic demand where warranted.

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