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Asian lender ADB cuts forecasts to reflect weakening outlook

FILE - In this June 10, 2019, file photo, a man walks past a money exchange shop decorated with different banknotes at Central, a business district of Hong Kong. In a report released Wednesday, Sept. 25, 2019, the Asian Development Bank says that escalating trade tensions will sap Asian economies of some of their potential in this year and the next. (AP Photo/Kin Cheung, File) FILE - Cyclists and motorists wait to cross an intersection at the Central Business District during the morning rush hour in Beijing, Tuesday, Sept. 13, 2022. The Asian Development Bank has downgraded its forecasts for growth in the region, citing the war in Ukraine, rising interest rates aimed at fighting decades-high inflation and China's slowing economy. (AP Photo/Andy Wong, File) FILE - Construction workers prepare a scaffolding at a construction site at Hajji Ali in Mumbai, India, on Jan. 8, 2022. The Asian Development Bank has downgraded its forecasts for growth in the region, citing the war in Ukraine, rising interest rates aimed at fighting decades-high inflation and China's slowing economy. (AP Photo/Rajanish kakade, File) FILE - Sri Lankans wait in queue to buy petrol at a fuel station, in Colombo, Sri Lanka, July 17, 2022. The Asian Development Bank has downgraded its forecasts for growth in the region, citing the war in Ukraine, rising interest rates aimed at fighting decades-high inflation and China's slowing economy. (AP Photo/Rafiq Maqbool, File)