Asian Development Bank Downgrades Growth Forecasts for Asia
In its latest report, titled Asian Development Outlook Supplement, the Asian Development Bank (ADB) has downgraded its forecast for economic growth in both 2013 and 2014 for developing Asia due to weak demand from industrial countries and slowing economic growth in China. The ADB revised down its growth forecast for developing Asia by 0.3 percent to 6.3 percent in 2013 and 6.4 percent in 2014. The Manila-based development bank also expects commodity prices to fall sharper than previously estimated.
Revised Asian Development Forecasts:
| GDP Growth (% YoY) | 2012 | 2013¹ | 2014¹ |
| Developing Asia | 6.1 | 6.3 |
6.4 |
| Southeast Asia | 5.6 | 5.2 |
5.6 |
| China | 7.8 | 7.7 | 7.5 |
| Inflation (% YoY) | 2012 | 2013¹ | 2014¹ |
| Developing Asia | 3.7 | 3.5 |
3.7 |
| Southeast Asia | 3.9 | 4.3 |
4.2 |
| China | 2.6 | 2.5 | 2.7 |
¹ indicates a forecast
Source: Asian Development Bank (ADB)