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ADB lowers growth outlook for Asia

FXStreet (Mumbai) - The Asian Development Bank (ADB) has revised its growth forecast for the developing economies in the region, due to a lowered outlook for China and India and a weak recovery in the world's advanced economies.

The ADB now predicts that economies in Asia will expand 5.8% this year and 6.0% in 2016, lower than the 6.3% growth the bank forecast in March, according to a new report published on Tuesday.

The ADB expects the Chinese economy to slow to 6.8% growth in 2015 and 6.7% next year, down from an earlier 7.2% and 7.0%, respectively. Meanwhile, India is projected to grow 7.4% this year and 7.8% in 2016.

Key quotes:

"The first half of 2015 has been softer than expected across the board."

"Emerging markets are facing receding capital flows and depreciating currencies - a trend that may be exacerbated by the upcoming rise in US interest rates."

However, "developing Asia is expected to continue to be the largest contributing region to global growth despite the moderation, but there are a number of headwinds in play such as currency pressures, and worries about capital outflows."

"Despite robust consumption demand (in China), economic activity fell short of expectations in the first eight months of the year as investments and exports underperformed."

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