ADB Says Developing Asian Economies to Grow 5.6 % in 2016

July 18, 2016 2:57 AM

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The Asian Development Bank has cut its 2016 growth projection for developing economies in Asia and the Pacific to 5.6 percent, down from its earlier forecast of 5.7 percent, but says their solid performances will help offset softness from the U.S. economy and near-term market shocks from Britain's vote to exit from the European Union.

The Manila-based lender's report released Monday says the growth forecast for 2017 of 5.7 percent made in March for developing Asian economies remains unchanged.

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