MANILA: The Asian Development Bank (ADB) said on Wednesday it has lowered its growth forecasts for developing Asia this year and the next, as a weaker outlook for China and India indicated softer economic activity elsewhere in the region.

The bank trimmed its growth forecast for developing Asia to 5.2 per cent in 2019 and 2020, the Manila-based lender said in an updated annual outlook report, from 5.4pc and 5.5pc previously. It cut its growth estimates for China for this year and the next to 6.1pc and 5.8pc, respectively, from the 6.2pc and 6.0pc forecasts announced in September, on the US-Sino trade tensions and as higher prices of pork cut into consumer spending.

“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.

Published in Dawn, December 12th, 2019