July 17, 2015 9:12 AM

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ADB cuts Asia growth forecast for 2015 and 2016

Asia's developing economies will not expand at the rate expected because of slower than forecast growth in US and China, the Asian Development Bank economist Joe Zveglich announced in Manila. For China alone, full annual growth for 2015 is now estimated at seven percent, down from 7.2 percent previously and is to ease further to 6.8 percent next year, according to the ADB. The ADB said that a slower Chinese economy is affecting the entire developing Asia region. The bank, in its report released yesterday, makes no adjustment to its forecast of growth in India, which is 7.8 percent, noting a healthy monsoon and new investments.

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