MANILA -- Asia's growth next year will be hit by a further escalation of trade tensions between the U.S. and China, the Asian Development Bank said in a report released Wednesday. The bank also stated that a potential U.S. rate hike and exchange rate volatility could accelerate capital outflow from Asian countries.
In its Asian Development Outlook report, the ADB maintained developing Asia's growth forecast at 6% this year, but trimmed the projection for 2019 to 5.8% from 5.9% in July amid the growing trade dispute between the world's two largest economies and tighter global liquidity. Developing economies in Asia make up 45 of the ADB's 67 members, which include countries in Europe and North America.
