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Fitch cuts Asian growth outlook

Global ratings agency Fitch cut its 2012 growth outlook for Asia to 6.8% from 7.4% previously, citing the weak global economy.

Fitch said in a statement that for 2011, the region is seen growing at 7.1%.

Fitch said “The downgrade is also to reflect the impact of policy tightening measures in some of the region’s economies, notably China and India where taming high inflation had been a major government priority.”

It expected China’s economy to grow 8.2% next year instead of the 8.5% forecast in June, while it tipped India to expand 7.5% in the year to March 2013, instead of 8.2% previously estimated.

Fitch said “The reduction partly reflects weakening in the outlook for the advanced economies since June. It is also partly driven by the impact of policy tightening in a number of Asian countries in response to stubbornly high inflation, including China and India. Both China and India face a combination of slowing activity and stubbornly high inflation, underlining the risks that can arise from allowing inflation to rise above desired ranges.”

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