Regional leader Asian Development Bank says that Asian economies face further slowing next year as a likely global recession cuts demand for the region's exports.
ADB Managing Director General Rajat Nag said Friday that recent dismal trade, employment and manufacturing data all point to a shrinking international economy and falling consumer demand for products made in Asia, the Associated Press reported.
Governments across the region have slashed growth forecasts this year as a credit crisis that began last year
in the U.S. spreads across the globe, battering investor and consumer confidence.