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ADB cuts China 2012 growth forecast to 8.2%
By Wang Yanlin |
July 12, 2012, Thursday
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Online Edition
Online Edition
THE Asian Development Bank today lowered its projection of China's economic growth in 2012 for the second time in three months, citing weak growth in Europe and the United States that weighed on the world's second-largest economy.
China's gross domestic product is estimated to expand 8.2 percent this year, compared with the previous forecast of 8.5 percent made in April, the Manila-based bank said in its Asian Development Outlook Supplement.
The bank also cut down overall growth estimates for developing Asia this year to 6.6 percent from 6.9 percent, given underperformed emerging markets including China and India.
"Economic growth in developing Asia moderated during the first half of 2012 as slower growth in the US and euro area reduced demand for the region's exports," the bank said in the report.
"Worries over the economic strength of important developing economies have also emerged recently. Latest data from China and India suggest growth will slow in the second half of this year," the bank said.
The National Bureau of Statistics is to release the second-quarter economic growth rate tomorrow. Some analysts forecast it will slow further to around 7.5 percent after the first-quarter growth rate reached almost a three-year low of 8.1 percent.
China's gross domestic product is estimated to expand 8.2 percent this year, compared with the previous forecast of 8.5 percent made in April, the Manila-based bank said in its Asian Development Outlook Supplement.
The bank also cut down overall growth estimates for developing Asia this year to 6.6 percent from 6.9 percent, given underperformed emerging markets including China and India.
"Economic growth in developing Asia moderated during the first half of 2012 as slower growth in the US and euro area reduced demand for the region's exports," the bank said in the report.
"Worries over the economic strength of important developing economies have also emerged recently. Latest data from China and India suggest growth will slow in the second half of this year," the bank said.
The National Bureau of Statistics is to release the second-quarter economic growth rate tomorrow. Some analysts forecast it will slow further to around 7.5 percent after the first-quarter growth rate reached almost a three-year low of 8.1 percent.
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