The Asian lender, which had forecast 7.2 per cent growth as recently as September, also warned that countries in the region would have to use fiscal policies “more decisively and promptly” in response to an economic slowdown that was much worse than predicted.
Its comments came as the central banks of South Korea and Taiwan both slashed their benchmark interest rates yesterday after each reported steep drops in exports in November.
The Bank of Korea cut its rate by a full percentage point to a record low of 3 per cent. Its governor, Lee Seong-tae, warned: “We are on the verge of an emergency situation that may need more drastic policy.”
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