AlQa'dah 17, 1433, Oct 3, 2012, SPA - Developing Asia's economic growth is to shrink more than expected amid an ongoing slump in global demand due to the euro crisis and a weak US economy, the Asian Development Bank (ADB) said Wednesday, according to DPA. The Manila-based bank said it was "significantly scaling back" growth forecasts for the region to 6.1 per cent this year and 6.7 per cent in 2013, down from the initial projections of 6.9 per cent and 7.3 per cent, respectively. "Developing Asia's growth is slowing more than anticipated," the bank said in an update to its Asian Development Outlook report in April. "Deceleration in the region's two giants - China and India - and in other major exporting economies is tempering earlier optimism." "The ongoing sovereign debt crisis in the euro area and the looming fiscal cliff in the United States pose major risks to the outlook despite the stabilizing effect of announcements by monetary authorities in Europe and the US," it added.
