4 Oct 2012

Asian economic growth rates slowing

8:28 am on 4 October 2012

The Asian Development Bank has lowered its growth forecasts for key Asian countries including China and India.

ADB chief economist Changyong Rhee said that both economies are cooling faster than was expected.

Dr Rhee said growth in China is expected to be 7.7%, compared with 9.3% last year.

India's growth rate is expected to be 5.6%.

Dr Rhee said the cause is the recession in Europe and the economic slow-down in the United States as consumption falls, which is affecting Asian exports.

Tight fiscal policies over the last two years also had an impact.

Dr Rhee said those growth rates are still quite enviable compared with other economies, but double digit growth in Asia is coming to an end.