ADB cuts growth forecast for Southeast Asia

Staff Writer
Columbus CEO

MANILA, Philippines (AP) — The Asian Development Bank has trimmed its economic growth forecast for Southeast Asia this year and next due to slower domestic demand in some of its bigger economies.

Growth this year is now projected at 4.6 percent, down from an earlier forecast of 5.0 percent and actual growth of 5.0 percent in 2013.

Gross domestic product growth is expected to slow in Indonesia, the Philippines, Singapore, Thailand and Vietnam, but pick up in Malaysia where exports have rebounded.

Next year, better performance of major industrial economies and Thailand's recovery from its slump are forecast to spur Southeast Asian growth to 5.3 percent. ADB's earlier forecast was 5.4 percent.

The bank said 45 developing countries in Asia still comprise the world's fastest growing region despite shifting fortunes across its subregions.