Asian Development Bank cuts Asia growth forecast on weakening Indian, Chinese economies

London, Oct. 3 (ANI): The Asian Development Bank (ADB) has cut its economic growth forecast for Asia, citing weakness in region's two largest economies China and India.

The bank added that concerns over the United States scaling down a key stimulus measure, the quantitative easing (QE) programme, will also affect the region's growth.

Speculation over the US scaling back the programme has seen many investors pull out money from the region, the BBC reports.

The ADB has cut its growth forecast for the region, which includes 45 nations, to 6 percent for 2013, from 6.6 percent, the report said.

According to the report, the bank also revised down the growth forecast for the region for 2014 to 6.2 percent, from earlier projection of 6.7 percent.

China, Asia's largest economy, has seen its growth hit by a decline in demand for exports from key markets such as the US and Europe.

Its growth rate has slowed for two quarters in a row.

In India, a slowdown in sectors such as manufacturing, added with a lack of reforms in key areas, has seen the country's growth hit its lowest level in a decade, the report added. (ANI)


Get stories like this on the Yahoo app and discover more every day.
Download it now.