Asian Development Bank cuts growth estimate

Growth in developing Asia will be weaker than initially estimated this year and next amid a slower expansion in China and lackluster export demand from advanced nations, the Asian Development Bank said. The region’s gross domestic product will probably increase 6.3 percent in 2013 and 6.4 percent next year, the Manila-based lender said in a report today. In April, it forecast expansion of 6.6 percent this year and 6.7 percent in 2014.

The International Monetary Fund reduced its global growth forecast earlier this month as the U.S. recovery weakens, China’s economy levels off and Europe’s recession deepens. China’s expansion slowed for a second quarter in the three months through June as growth in factory output and fixed-asset investment eased and Premier Li Keqiang reined in a credit boom. Bloomberg