ADB sees slower growth for Asia, China in 2015, 2016
MANILA (Reuters) -- Growth in developing Asia will likely be slower than previously thought as a slowdown in China's economy hurts demand, the Asian Development Bank said, and urged policymakers in the region to strengthen financial-system buffers against external shocks.
Developing Asia is now expected to grow 5.8 percent and 6.0 percent this year and in 2016, down from the ADB's July forecast of 6.1 percent and 6.2 percent, the bank said in its 2015 outlook update released on Tuesday.
The region, which groups 45 countries in Asia-Pacific, grew 6.2 percent in 2014.
The Manila-based lender also cut its growth estimate for East Asia to 6.0 percent for this year and next, from its earlier forecast of 6.2 for both years, with China expected to miss its growth target of around 7 percent this year.
Growth in China is seen cooling to 6.8 percent this year from 7.3 percent in 2014, and slow further to 6.7 percent in 2016.