EXTERNAL EFFECT: The Asian Development Bank cut its growth forecast for developing nations in Asia, citing Europe’s worsening financial crisis and the sluggish recovery in the U.S. That reduces demand for the region’s exports.
THE NUMBERS: The Manila-based lending institution predicted that the region’s economies will expand by 6.6 percent this year and 7.1 percent next year. The prediction in April was for growth of 6.9 percent this year and 7.3 percent in 2013.
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