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ADB trims Asian outlook citing trade wars global slowdown

BANGKOK — The Asian Development Bank says that escalating trade tensions will sap Asian economies of some of their potential in this year and the next.The regional lender says in a report released Wednesday that it expects regional growth of 5.4% this year and 5.5% in the coming year, slightly below its earlier forecasts.The report cites a risk of a further deterioration in trade friction, such as the tariff war between China and the U.S. and a festering dispute between Japan and South Korea.It said uncertainty over such rifts could also further destabilize financial markets, compounding the problems.In broader terms, the report urges regional governments to do a better job of providing affordable housing and public transport to help support growth and improvements in urban living standards.The Associated Press read more