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    30.03.2016 14:32 Asian Development Bank downgrades growth forecast for China

    The Asian Development Bank (ADB) downgraded growth forecast for China on Wednesday. According to the ADB, China is expected to expand by 6.5% in 2016, down from the previous estimate of a 6.7%, and 6.3% in 2017. The bank noted that the Chinese economy would continue to expand moderately due to lower exports, a drop in labour supply and supply-side reforms.

     

    The economic growth of developing Asia is expected to be 5.7% this year, down from the previous estimate of a 6.0%, and 5.7% in 2017.

     

    Southeast Asia is expected to grow 4.5% in 2016 and 4.8% in 2017.

     

    "China's growth moderation and uneven global recovery are weighing down overall growth in Asia. Despite these pressures, the region will continue to contribute over 60% of total global growth," ADB Chief Economist Shang-Jin Wei said.


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