03 October 2012 11:55 [Source: ICIS news]
SINGAPORE (ICIS)--The Asian Development Bank (ADB) has cut its economic growth projections for developing Asia to 6.1% this year, down from 7.2% in 2011, in its updated Asian Development Outlook for October released on Wednesday.
The ADB projected China – the biggest emerging market in Asia and the world’s second-largest economy – to post 7.7% growth this year, down from 9.3% growth in 2011.
India should achieve a 5.6% growth rate in 2012, the ADB said.
GDP growth for developing Asia is projected to improve to 6.7% in 2013. For China and India, growth in 2013 is projected to improve to 8.1% and 6.7% respectively.
“The ongoing sovereign debt crisis in the euro area and the looming fiscal cliff in the US pose major risks to the outlook,” the ADB said.
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