ADB slashes growth forecasts for developing Asia

Associated Press Modified: October 2, 2012 at 8:45 pm •  Published: October 2, 2012
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BANGKOK (AP) — After years of rapid growth, Asia's developing economies now face much more modest prospects and must refashion themselves to reduce dependence on exports, the Asian Development Bank said Wednesday in a report that slashes growth forecasts for this year and next.

The ADB said growth in developing Asia, which includes giant emerging economies such as India, China and Indonesia, will slow to 6.1 percent this year from 7.2 percent last year and only partly rebound to 6.7 percent in 2013. It had previously forecast growth of 6.9 percent for 2012 and 7.3 percent for 2013. The forecasts don't include Japan, an advanced economy.