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Asian Development Bank Cuts Growth Forecast

The Asian Development Bank has cut its economic growth forecast for the Asia-Pacific region due to slower growth in China and tepid demand for imports from major industrial economies.

The Manila-based bank said on July 16 that the region's gross domestic product was now predicted to expand by 6.3 percent in 2013, down from the 6.6 percent that was estimated in April.

The bank cut its Central Asia growth forecast to 5.3 percent from 5.5 percent.

It reduced its South Asia growth forecast to 5.6 percent from 5.7 percent.

The bank said slower growth in China was a key factor in the lower forecasts.

It said Asia's largest economy is expected to expand by 7.7 percent in 2013, down from earlier forecast of 7.8 percent.

The International Monetary Fund (IMF) recently curbed its own forecast for global economic growth, citing Europe's recession and BRIC's economic woes.

Based on reporting by dpa and