'Developing Asia' to shrink for first time in almost 60 yrs: ADB

The Asian Development Bank (ADB) on Tuesday said that "Developing Asia", which groups 45 countries in Asia-Pacific, is expected to contract 0.7% this year, the first contraction since 1962. The ADB's previous forecast in June had suggested a 0.1% growth. "Most economies in Asia-Pacific can expect difficult growth path for the rest of 2020," ADB Chief Economist Yasuyuki Sawada said.