ADB shaves a bit off growth forecasts for Asian nations amid turbulence

Tokyo

THE Asian Development Bank (ADB) has downgraded slightly its 2014 growth forecasts for many of Asia's developing economies including China as turbulence continued to roil markets in the wake of the oil price slump and signs of an impending financial crisis in Russia.

In a supplement to its Asian Development Outlook 2014 Update on Wednesday, the Manila-based bank forecast gross domestic product (GDP) growth of 6.1 per cent for the developing Asia region this year - a downward revision from the 6.2 per cent forecast in September.