The Asian Development Bank (ADB) has revised down its forecast for growth rate in Asian developing economies to 6.3 percent in 2013 and 6.4 percent in 2014, due to continued tepid demand from major industrial economies plus slower growth in China's economy.
In April, the ADB had predicted the 45 developing members of the bank would grow by an average 6.6 percent this year and 6.7 percent next year.
In a report released on July 16, the bank said while advanced economies have largely met expectations so far in 2013, developing Asia has not achieved the momentum envisaged in the Asian Development Outlook 2013.
The growth rate forecast for in East Asia is also revised down from the earlier 7.1 percent to 6.7 percent for both 2013 and 2014.
The Chinese economy is now forecast to expand 7.7 percent in 2013 and 7.5 percent in 2014, instead of the previously expectations of 8.2 percent in 2013 and 8 percent in 2014.
The report noted that China's import and export growth has slowed given weak external demand, but consumer confidence remains robust.
In India, slowing fixed capital formation, weak industrial activity, and plodding progress on reform are weighing on the economy.
The country is envisaged to grow by 5.8 percent in 2013, slower than the previously forecast 6.0 percent, and 6.5 percent in 2014, unchanged from before.
The report has also trimmed forecasts for West Asia, Central Asia, and Pacific in the next two years, while keeping its predictions unchanged for Southeast Asian countries.
Declining oil prices and stable food prices have helped ease inflation pressures in developing Asia, with inflation rate expected at 3.5 percent in 2013 from the previous projection of 4 percent.-VNA
In April, the ADB had predicted the 45 developing members of the bank would grow by an average 6.6 percent this year and 6.7 percent next year.
In a report released on July 16, the bank said while advanced economies have largely met expectations so far in 2013, developing Asia has not achieved the momentum envisaged in the Asian Development Outlook 2013.
The growth rate forecast for in East Asia is also revised down from the earlier 7.1 percent to 6.7 percent for both 2013 and 2014.
The Chinese economy is now forecast to expand 7.7 percent in 2013 and 7.5 percent in 2014, instead of the previously expectations of 8.2 percent in 2013 and 8 percent in 2014.
The report noted that China's import and export growth has slowed given weak external demand, but consumer confidence remains robust.
In India, slowing fixed capital formation, weak industrial activity, and plodding progress on reform are weighing on the economy.
The country is envisaged to grow by 5.8 percent in 2013, slower than the previously forecast 6.0 percent, and 6.5 percent in 2014, unchanged from before.
The report has also trimmed forecasts for West Asia, Central Asia, and Pacific in the next two years, while keeping its predictions unchanged for Southeast Asian countries.
Declining oil prices and stable food prices have helped ease inflation pressures in developing Asia, with inflation rate expected at 3.5 percent in 2013 from the previous projection of 4 percent.-VNA
