ADB: Developing Asia to grow at its weakest pace in 16 years

The Asian Development Bank (ADB) is out with an outlook report on developing Asia, painting a gloomy picture for the region.

Key Headlines:

Developing Asia to grow at its weakest since it grew 5.0% in 2001

5.7% this year's growth forecast for developing Asia (a group of 45 countries in the Asia-Pacific region)

For 2018 should again grow by 5.7%

Reasons cited:

Global policy uncertainty

A more consumption-driven economy in China

"Risks from uncertain policy direction in the advanced economies, including the pace of interest rate normalization in the United States"

"While short-term risks seem manageable, regional policymakers should remain vigilant to respond to possible spillover through capital outflows and exchange rate movements"