World Bank eyes lower growth rates for Asia

CLARK, Philippines (Reuters) - The economic slowdown in the United States and Europe will hit Asian growth this year, a senior World Bank official said on Thursday.

"There is a high probability that there will be some reduction in growth rates," James Adams, vice-president for East Asia and the Pacific told reporters in Clark, north of Manila.

"It looks like the United states and Europe have fallen and that will impact on demand."

Earlier this week, Malaysia's central bank cut its 2008 economic growth forecast to 5-6 percent from 6.0-6.5 percent citing a deteriorating global outlook and the Philippines' economic planning chief told Reuters on Wednesday that Manila was reviewing its 2008 forecast of 6.3-7.0 percent growth.

Adams said growth in Asia, home to some of the world's fastest-growing economies, would be supported by regional trade.

"The good news is that the region continues to achieve robust growth and that the countries are in a position, the Philippines among them, to handle the macroeconomic challenge," he said.