World Economy

GDP Growth Cut

GDP Growth CutGDP Growth Cut

The Manila-based Asian Development Bank (ADB) has trimmed its GDP growth projection for the Asia Pacific region from 6.2% to 6.1% in 2014 and from 6.4% to 6.2% in 2015, Asia First reported. However, the ADB said the continuous drop in prices for oil should help economies in the region push through with growth reforms. ADB Chief Economist Shang-Jin Wei said declining oil prices may benefit the region in 2015 as most economies in Asia are importers of oil. In its updated to the 2014 outlook, the ADB also trimmed its 2014 and 2015 growth forecasts for China to 7.4% and 7.2%, respectively, from the 7.5% and 7.4% estimates made in September.