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News Summary: ADB cuts outlook for developing Asia

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News Summary: ADB cuts outlook for developing Asia
Submitted by Fox First at Ten on July 12th

By The Associated Press

EXTERNAL EFFECT: The Asian Development Bank cut its growth forecast for developing nations in Asia, citing Europe's worsening financial crisis and the sluggish recovery in the U.S. That reduces demand for the region's exports.

THE NUMBERS: The Manila-based lending institution predicted that the region's economies will expand by 6.6 percent this year and 7.1 percent next year. The prediction in April was for growth of 6.9 percent this year and 7.3 percent in 2013.

STIMULUS DRAWDOWN: Slower growth in Asia's two largest economies, China and India, and the effects of the unwinding of policy stimulus in some countries hampered the region's development in the first half of the year.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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