The Asian Development Bank has cut growth forecasts for developing Asia. It says Europe's worsening financial crisis, sluggish recovery in the U.S. and slower growth in China and India have dampened the region's growth prospects.
According to the Associated Press, a report released Thursday, July 12 predicts the region's economies will expand by 6.6 percent this year and 7.1 percent next year. The figures are lower than the bank's earlier growth outlook of 6.9 percent this year and 7.3 percent in 2013.
The report says economic growth in developing Asia moderated during the first half of 2012 as slower growth in the U.S. and the eurozone reduced demand for the region's exports.
