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Asian Development Bank lowers forecast for economic growth in China, India

September 22, 2015, 10:05 UTC+3 HONG KONG
Despite some slowdown, it is expected that developing countries in Asia will make the largest contribution to global growth
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© ITAR-TASS/Mikhail Japaridze

HONG KONG, September 22. /TASS/. The average economic growth of developing countries in Asia this year will amount to 5.8%, next year - to 6%, according to the report of the Asian Development Bank published Tuesday. Thus, the financial institution lowered its March forecast with the figure of 6.3% for both years.

The revision was motivated by "weaker growth prospects in China and India, as well as slow recovery in major industrial countries."

"Despite some slowdown, it is expected that developing countries in Asia will make the largest contribution to global growth. However, there are a number of constraints, such as pressure on exchange rates and concerns about capital outflows," the bank’s chief economist Jinwei Shan said.

At the same time, the bank headquartered in Manila, revised the rate of growth of the Chinese economy, lowering it to 6.8% in 2015 and to 6.7% in the coming year. It is due to the "slowdown in investment growth and weakening exports." In the previous report the figure amounted at 7.2% and 7.0%, respectively.

The updated forecast of GDP growth for India for the current fiscal year (ending in March 2016) totaled 7.4% instead of the previous 7.8%.

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