US “financial market shock” will pull down growth in Asian region – ADB

The bankruptcy of Lehman Brothers and the sale of Merrill Lynch to Bank of America will pull down growth in the Asian region, said Thomas Crouch, ADB’s deputy director for the Southeast Asia department, after a press briefing on the economic outlook for the Philippines for the rest of the year. The ADB has cut down economic growth forecasts for the Asian region and expects inflation to hit almost 8%. Continue reading