A new report from the Asian Development Bank says lagging Asian economies should pick up steam in the coming year.

The latest Asian Development Outlook Supplement predicts that developing Asia will post growth of 6.0 percent in 2012 and 6.6 percent in 2013, about a tenth of a percentage point lower than anticipated in October.

The report said vigorous private consumption in Southeast Asia and a mild economic recovery in China nearly balance out the weaknesses in India's economy.

The ADB report also said economic weakness in Europe and the looming fiscal cliff in the U.S. remain very real threats to developing Asia next year.