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TOKYO (AP) - Asia's developing economies will slow over the next two years, the Asian Development Bank projected Tuesday, but the more moderate pace is seen stabilizing the region and putting it on better footing for solid growth in the future.
Asia's economy excluding Japan is expected to grow by 7.6 percent in 2007 and 7.7 percent in 2008 from a blistering 8.3 percent last year, its fastest growth in more than 10 years, the Manila-based bank said. Both China and India, which together accounted for about 70 percent of last year's expansion, are also forecast to slow.
"Growth in developing Asia will ease gently," ADB chief economist Ifzal Ali, said at a news conference in Tokyo to mark the release of the bank's annual Asian Development Outlook report. "This will ensure that growth will obtain a more sustainable level in the years ahead."
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