MW: Asian Development Bank ups regional growth outlook
HONG KONG (MarketWatch) -- The Asian Development Bank upgraded its regional economic growth forecast Tuesday, saying it now expects developing Asia to grow 3.9% this year and 6.4% next year. The forecast in the multinational lender's annual Asian Development Outlook was above its previous forecast in March for expansion of 3.4% this year and 6% next year. "Despite worsening conditions in the global economic environment, developing Asia is poised to lead the recovery from the worldwide slowdown," ADB chief economist Jong-Wha Lee said. The bank also upgraded its growth outlook for China, saying it now expects the nation to grow 8.2% this year, and 8.9% next year, up from March projections for a 7% expansion this year and 8% next year.
