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The Asian Development Bank, or ADB, on Wednesday lowered the growth outlook for developing Asia this year and the next, citing weak growth prospects in advanced economies.
The bank slashed its growth forecast for the region to 7.5 percent from 7.7 percent forecast in April. In 2012, the region will expand 7.5 percent, down from the earlier forecast of 7.7 percent.
The report also warned against the threat of persistent inflation and called for greater exchange rate flexibility.
