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News Summary: Forecasts cut for developing Asia

LOWERING THE BAR: After years of rapid growth, Asia's developing economies now face much more modest prospects, the Asian Development Bank said Wednesday in a report that slashes growth forecasts for this year and next.

THE NUMBERS: The ADB said growth in developing Asia, which includes giant emerging economies such as India, China and Indonesia, will slow to 6.1 percent this year from 7.2 percent last year and only partly rebound to 6.7 percent in 2013. It had previously forecast growth of 6.9 percent for 2012 and 7.3 percent for 2013.

NEW WAYS: The bank urged countries to reduce dependence on exports.