Asian Development Bank trims Asia growth forecast
Reported by: AP/UNBconnect
Reported on: Sep 14, 2011 10:34 am
Reported in: Business
HONG KONG, SEPT 14 (AP/UNB) - The Asian Development Bank is trimming its forecast for economic growth in developing Asian countries because of worries about weak demand from key trading partners including the U.S. and Europe.
The ADB said Wednesday it is lowering its 2011 growth forecast slightly to 7.5 percent from 7.8 percent previously for 45 Asian countries.
The bank is also cutting its 2012 forecast to 7.5 percent from 7.7 percent.
The Manila-based lender said the slowdown in demand from the United States and Europe "continues to cast a cloud over the region," with export growth easing off in the second quarter.
Inflation also remains a "threat," with consumer price inflation predicted to average 5.8 percent this year before cooling off to 4.6 percent in 2012.