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On Tuesday, the Asian Development Bank has slightly lowered its 2016 growth forecast for developing Asia, reflecting slower-than-expected expansion in India.
The ADB has said in a supplement to its Asian Development Outlook 2016 that developing Asia, which groups 45 countries in the Asia-Pacific region, is now expected to expand 5.6 percent this year, rather than 5.7 percent.
The ADB, lowered its 2016 growth estimate for India to 7.0 percent from 7.4 percent on account of weak investment, agricultural slowdown and the government’s recent demonetization.
