Asian economies, excluding Japan, will expand a combined 7.6 percent in 2007, compared to 8.3 percent growth achieved by the region in 2006, according to a forecast released Tuesday by the Asian Development Bank.
The ADB attributed the slowdown to continuing tight monetary policies and weaker export demand in the region, saying China and India will continue to drive economic growth in the region. Describing the strong performance in 2006 -- the highest growth in 11 years -- as exceptional and overheated, the Manila-based ADB said the economic outlook for the 43 countries in 2007 will remain robust, adding that 2007 growth is expected to reach a sustainable level.
For 2008, the ADB forecast that the region's economy will expand by 7.7 percent.