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pub_date:Bank cuts its growth forecast for 45 developing member states for 2013-14A GENERALISED economic slowdown is spreading across Asia on the back of slower growth in China and India as well as weak demand from major industrial economies, the Asian Development Bank (ADB) reported yesterday, while scaling back its regional growth projections for 2013 and next year.迷你倉出租The slowdown, despite the US economy's moderate growth and signs of recovery in Japan, underlines the extent to which China's economy - the world's second largest - impacts Asia, it said.A "slow but persistent" growth deceleration is taking place in East Asia as China slows. Added to that, weakening external demand from outside the region is impacting Hong Kong, Taiwan and Mongolia especially, as well as South-east Asia, the ADB said in its Asian Development Outlook update.On the plus side, the ADB reported that while capital outflows from South-east Asia on the back of fears about US monetary "tapering" have created stock-market volatility, the "real sector has been largely unaffected so far".Yesterday's slowdown alert from the Manila-based bank came after the International Monetary Fund (IMF) said last week that "growth continued to disappoint in major emerging market economies reflecting infrastructure bottlenecks and other capacity constraints, slower external demand growth, lower commodity prices, financial stability concerns, and, in some cases, weaker policy support".In its quarterly Asian Development Outlook Supplement, the ADB cut its 2013 growth forecast for the bank's 45 developing member countries to 6.3 per cent from the 6.6 per cent forecast in April while also cutting its 2014 forecast from 6.7 per cent to 6.4 per cent."The drop in trade and scaling back of investment are part of a more balanced growth path for China, (but) the knock-on effect of its slower pace is definitely a concern for the region," commented ADB chief economist Changyong Rhee."We are also seeing more subdued activity across 儲存倉uch of developing Asia," Mr Rhee added, echoing warnings sounded last week by the IMF of a slowdown impacting China and other BRIC economies - Brazil, Russia and India.China is likely to see its economy expand 7.7 per cent this year and 7.5 per cent in 2014 after growth of 7.8 per cent in 2012, the ADB said, noting that import and export growth has slowed due to weak external demand despite strong consumer confidence.Slower growth in China has subdued the outlook for the entire East Asian region, though to a lesser extent, for South-east Asia, where the Philippines and other large Asean countries are seeing solid growth, the report said.In India, meanwhile, slow progress in pushing through the reforms needed to ease business bottlenecks means growth is likely to be 5.8 per cent this year, compared to the previous forecast of 6.0 per cent. The ADB maintained its 2014 forecast of 6.5 per cent for India in 2014, however.On South-east Asia, the ADB said that a "strong start to the year is being tempered by slower growth in China and continued weak demand from advanced economies". The five largest Asean economies are poised to grow by 5.2 per cent this year and by 5.6 per cent in 2014, it said.However, some South-east Asian economies may continue to expand at a significantly faster pace than others.Singapore's open economy grew by only 0.2 per cent in the first quarter of 2013, the report noted, while Malaysia's growth slowed on weaker external demand and moderating domestic demand. Thailand's economic growth also moderated.The Philippines, on the other hand, achieved stronger-than-expected GDP growth of 7.8 per cent in the first quarter of this year against last year, thanks to accelerated public and private investment, while in Indonesia, domestic demand continued to be strong.Inflation pressures, meanwhile, are waning in many parts of the Asian region on the back of declining energy and food prices given slower global demand for fuels and bumper grain harvests, the ADB added.迷你倉沙田