Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

ADB Cuts Growth Forecasts for Developing Asia on Trade Tensions, Soft Investment

share with twitter share with LinkedIn share with facebook
share via e-mail
0
12/10/2019 | 10:53pm EST

By Ben Otto

Economic growth across developing Asia is slowing amid weak global trade and investment, the Asian Development Bank said Wednesday, trimming its forecasts for China, India and other developing countries in the region.

The ADB in a new report cut its forecast for China's 2019 growth by 0.1 percentage point to 6.1%, from a 6.2% forecast in September and growth of 6.6% last year. The bank cited trade tensions with the U.S. and pork prices that have more than doubled in a year.

For 2020, the ADB trimmed its outlook for the world's second-largest economy by 0.2 percentage point to 5.8%.

India's growth will likely slow to 5.1% this year, down from a previous forecast of 6.5%, the bank said, pointing to risk aversion in the country's financial sector, a credit crunch and slow job growth. For 2020, the ADB forecasts growth of 6.5%, versus 7.2% previously. The Indian economy expanded 6.8% in 2018.

The bank also trimmed its 2019 growth forecast for developing Asia by 0.2 percentage point to 5.2%, and by 0.3 percentage point to 5.2% for 2020. The region's gross domestic product expanded 5.9% last year.

"While growth rates are still solid in developing Asia, persistent trade tensions have taken a toll on the region and are still the biggest risk to the longer-term economic outlook," ADB Chief Economist Yasuyuki Sawada said in a press release.

Mr. Sawada added that domestic investment is also weakening in many countries amid weakening business sentiment.

The ADB noted that inflation is ticking upward across the region on the back of higher food prices.

Write to Ben Otto at ben.otto@wsj.com

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Economy & Forex"
07:34pMoody's cuts Hong Kong's rating to 'Aa3' as protests continue
RE
07:31pAsia shares hold steady, BOJ and Trump awaited
RE
07:16pNEWS HIGHLIGHTS : Top Global Markets News of the Day
DJ
07:16pNEWS HIGHLIGHTS : Top Company News of the Day
DJ
06:53pHuawei CFO's lawyer attacks U.S. extradition case in Canadian trial
RE
06:26pBOJ to hold fire on receding pessimism over global outlook
RE
06:24pTrump, Macron agree important to complete digital services tax talks
RE
06:09pBANK OF JAMAICA : 30-day CD Auction Press Release - 20 January 2020
PU
06:09pBANK OF JAMAICA : 30-day CD Auction Term Sheet - 20 January 2020
PU
06:06pTesla rebuffs U.S. safety recall petition, says no unintended acceleration in vehicles
RE
Latest news "Economy & Forex"