ESCALATING trade tensions between the United States and China have darkened the outlook for developing Asia, with the region expected to grow slower than previously predicted this year and next, the Asian Development Bank said on Wednesday.
Developing Asia, a group of 45 countries across Asia and the Pacific, will likely grow 5.4 percent this year and 5.5 percent next year, down from the 5.7 percent and 5.6 percent growth forecast in July, the ADB said in an update to its Asian Development Outlook report.
Growth in the region was 5.9 percent in 2018.
“The People’s Republic of China–U.S. trade conflict could well persist into 2020, while major global economies may struggle even more than we currently anticipate,” Yasuyuki Sawada, ADB’s chief economist, said in a statement
News source : The daily star
