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Asian Growth Forecast Revised Upward

The developing Asian economy will grow at an average rate of 8.3 percent in 2007, according to the Manila, Philippines-based Asian Development Bank (ADB). This figure is an upward revision from its March growth prediction of 7.6 percent. In its revised Asian Development Outlook, the organization cites double-digit growth in China - predicted at 11.2 percent, up from 10 percent - and continued growth in India; the organization's figures indicate that the two nations account for 55.3 percent of developing Asia's total GDP. The report also predicts continuing growth for Vietnam at 8.3 percent, the Philippines at 7.3 percent, and Indonesia at 6 percent. The report also warns that a recession in the United States could reduce Asia's growth rate by one or two percentage points over the next year, and points to avian flu and geopolitical and security risks as other potential barriers to continuing growth.

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