Manila, Sept 18: Asian Development Bank (ADB) gave a growth warning for South Asian countries, particularly India, as it was badly affected by both floods and drought.
The bank said that India was likely to grow only 4.0 percent in the year to March 2003, against an earlier forecast of 6.0 percent, and the forecast for the following year was pegged back to 6.0 percent from 6.8 percent.

Developing economies in Asia should expand more this year than previously believed, but slow U.S. growth and high oil prices will dampen prospects for 2003, ADB said on Wednesday.

The bank said Southeast Asia was bedeviled by slow private investment and the uncertain recovery in external demand. But exports were strong in the first half of this year, leading to mostly upward revisions in 2002 growth forecasts. Bureau Report