Asian development Bank revises down regional growth forecast

The Asian Development Bank (ADB) Wednesday revised down its forecasts for growth in the Asia-Pacific region to 6 per cent for 2013, as growth slides in the largest economies of China and India. The updated forecast is 0.6 per cent lower than an April estimate by the bank. Growth in 2014 is expected to pick up to 6.2 per cent, the bank said, still 0.5 per cent lower than its April forecast. "Softer than expected economic activity in China and India and jitters over the United States' quantitative easing program will weigh on Asia and the Pacific's growth prospects in the near term," the Manila-based lender said, reported DPA. The ADB said growth in China is expected to moderate to 7.6 per cent in 2013, from 7.7 per cent last year, as authorities attempt to establish a more sustainable plan for growth than one led by exports and investment. In India, growth is forecast to slow to 4.7 per cent in the fiscal year ending 31 March 2014, down from 5 per cent in 2012. ADB said.