Developing Asian countries will churn out solid 7.6% growth this year, but the region is at risk from spiraling inflation and the global credit crisis, a new report from the Asian Development Bank (ADB) said.

Growth in Asia’s developing economies will slow in 2008 to the weakest in five years, reports Reuters.

The Asian Development Bank has forecast that the region will average GDP growth of 7.6% this year, compared to a 8.7% rise in 2007. The forecast growth rate is the lowest since 7.1% in 2003.

The bank also warned that the region needs to tackle inflationary pressures. Inflation is forecast to rise to a decade-long high this year.