The Asian Development Bank has cut its growth forecast for the region's developing countries because of weakness in its two largest economies and concerns over a possible reduction in U.S. stimulus measures.
In its twice-yearly report Tuesday, the bank predicted developing Asia will grow at 6 percent in 2013, down from its April estimate of 6.6 percent. For 2014, it expects growth will accelerate slightly to 6.2 percent, down from its prior estimate of 6.7 percent.
The Philippines-based lender revised its predictions because of slower growth in China and India. It also cited nervousness over Washington's plans to eventually trim stimulus measures used to boost the American economy from the depths of the 2009 recession.
But it said Asia's emerging markets will be able to deal with the U.S. Federal Reserve's eventual scaling back of the monetary easing policies, noting that most of its economies have healthy current-account surpluses and ample foreign currency reserves.