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The Asian Development Bank (ADB) lowered growth forecasts for China and India. According to the ADB, China is expected to expand by 6.8% in 2015, down from July estimate of a 7.0% rise, and 6.7% in 2016, down from July estimate of a 6.8% increase.
India is expected to rise by 7.4% in the financial year 2015 ending March 2016, down from July estimate of a 7.8% rise, and 7.8% in the fiscal year 2016 ending March 2017, down from July estimate of a 8.2% increase.
The downgrade of the Indian growth was driven by a weak external demand and a slower-than-expected pace of reform implementation.
The economic growth of developing Asia is expected to be 5.8% this year, down from July estimate of a 6.1% increase, and 6% in 2016, down from July estimate of a 6.2% rise.
Inflation in developing Asia is expected to decline to 2.3% in 2015 from 3% in 2014 due to low global commodity prices.
Southeast Asia is expected to grow 4.4% in 2015 and 4.9% in 2016.
"The combination of a moderating prospect in China and India, together with delayed recovery of advanced countries, weighed on our forecast for the region as a whole," ADB Chief Economist Shang-Jin Wei said.
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