ADB Cuts 2015-16 Growth Forecasts for Asia

The Asian Development Bank (ADB) has cut its 2015 and 2016 growth forecasts for China and the rest of Asia, largely as a result of the slower than expected growth in the region’s largest economy and in developed economies elsewhere.

Developing Asia is now expected to grow 6.1 percent and 6.2 percent this year and in 2016 against the ADB’s March forecast of 6.3 percent for both years, the bank said in its 2015 outlook supplement released on Thursday.

Growth in East Asia is still seen as subdued with lower-than-forecast output across the region. China’s growth is seen moderating to 7.0 percent this year and 6.8 percent in 2016 compared to March estimates of 7.2 percent and 7.0 percent, the bank said.