Singapore: Goldman Sachs Group reduced its growth forecasts for Asia on concern an expected recession in the US will erode demand for the region's exports.
Asia excluding Japan will expand 8.3 per cent in 2008, down from an earlier estimate of 8.6 per cent, Hong Kong-based economist Michael Buchanan said in a report on Monday. The investment bank last week cut its forecasts for US and Japan.
Goldman, which last year had said Asian growth was decoupling from US, is now forecasting a recession in the world's largest economy that may hit shipments to the region's biggest export destination.
South Korea and Taiwan have already warned easing demand for semiconductors, mobile phones and computers portends weaker growth in 2008. -- Bloomberg
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