ADB trims forecasts for developing Asia, says cheaper oil mostly good

The Asian Development Bank says growth in developing Asia in the first three quarters of 2014 has been softer than expected, but expects declining oil prices could mean an upside surprise in 2015 as most economies are oil importers - EPA Photo.

MANILA: The Asian Development Bank slightly trimmed its growth forecast for developing Asia for this year and next, but said sliding prices for oil should help economies in the region push through with growth reforms.

In its update to the 2014 outlook, ADB said on Wednesday developing Asia was now expected to grow 6.1% this year, a tad below its 6.2% forecast in September.