New Delhi, July 23 -- The Asian Development Bank (ADB) has downgraded its growth forecasts for many developing economies of the Asia-Pacific region for the current and next year. This sudden backward growth prediction is due to the reduction in exports, tariffs of the United States, and global trade uncertainty.
The Asian Development Bank is a regional development bank with an aim to promote social and economic development in Asia. It is headquartered in Metro Manila, Philippines, and has almost 31 field offices across the world.
The forecast report stated that the region's economies will rise to the mark of 4.7 per cent. Analysts also pointed out other associated factors for the decline, such as geopolitical tensions and rising energy pr...