The Chinese economy will grow less 7 per cent this year, the Asian Development Bank predicted on Tuesday, as it warned of widening fallout from economic challenges in China and India.
In revisions to its annual Asian Development Outlook, published in March, the ADB lowered its growth forecast for China to 6.8 per cent from 7.2 per cent. The Chinese government has targeted economic growth of “about 7 per cent” in 2015.
The US and Japan-led bank also revised down its expectations for economic growth in India to 7.4 per cent from 7.8 per cent, citing “external demand weakness and [a] slower-than-expected pace of enacting key reforms”.
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