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ADB trims 2016 growth forecast for developing Asia on weak global outlook

The Asian Development Bank lowered its 2016 growth forecast for developing Asia, citing the slowing US economy and near-term shocks from Britain’s decision to leave the European Union. Developing Asia, which groups 45 countries in the Asia Pacific region, is now expected to expand 5.6% this year, slightly weaker than a March forecast of 5.7%. India’s economy is still forecast to grow 7.4% this year and 7.8% in 2017, the ADB said. The shock British vote in June to secede from the EU has chilled already tepid growth in the euro area and has shaken global financial markets. The Manila-based multi-lateral lending agency kept its 2017 growth estimate for the region at 5.7%, however.

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