The Asian Development Bank says the financial crisis in Europe and sluggish economic recovery in the United States are hurting growth in developing Asian countries.

In a report released Thursday, the ADB says growth in Asia slowed during the first half of the year as struggles in Europe and the United States cut demand for Asian exports.

The report also cites slowdowns in China and India as hurting developing economies.

As a result, the bank lowered its regional growth estimates for 2012 and 2013.

But it says reduced demand is helping to bring down global food and oil prices and ease inflation in the region.