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News Summary: World Bank cuts Asia growth outlook
Monday - 10/8/2012, 1:43pm EDT
(AP) - OUTLOOK DIMS: The World Bank cut its growth forecast for Asia on Monday in a new sign of the impact of weakening global demand and warned China's cooling economy faces the risk of a "more pronounced slowdown."
THE NUMBERS: The bank cut this year's growth outlook for developing Asia-Pacific economies to 7.2 percent, down from its May forecast of 7.6 percent. The bank cut its forecast for China, the region's biggest economy, to 7.7 percent from May's 8.2 percent.
THE REASON: The bank cited weak global demand due to the lackluster U.S. recovery and Europe's recession and debt crisis.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)