MANILA - The Asian Development Bank (ADB) on Tuesday cut its 2009 growth forecast for the region's developing economies to 7.6 percent, citing tighter credit and soaring food and energy costs. The bank urged a "more decisive tightening of monetary policies" to fight the scourge of inflation and prevent it eating away the fruits of speedy economic growth. It noted that many governments were "behind the curve" on the issue and warned the inflation problem was deepening. "The risk of inaction is rising, and the region's monetary authorities need to formulate more forceful and preemptive policy responses," the ADB said. ...
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