ADB trims 2016 growth forecast for developing Asia on Brexit vote

Is now expected to expand 5.6% this year

The Asian Development Bank (ADB) on Monday lowered its growth forecast for developing Asia this year, citing the slowing US economy, and near-term market shocks from Britain's Brexit vote.

Developing Asia, which groups 45 countries in the Asia-Pacific region, is now expected to expand 5.6 per cent this year, slightly weaker than a March forecast of 5.7 per cent, the ADB said in a supplement to its Asian Development Outlook 2016.

The Manila-based lending body kept its 2017 growth estimate for the region at 5.7 per cent, however.