It Makes a Difference to the Sheep

ASIAN ECONOMIES EXPECTED TO GROW MORE SLOWLY: so says the Asian Development Bank. Specifics:

The bank calculated its growth outlook by using forecasts provided by the London-based Consensus Economics Inc. The company said the most drastic forecast revisions for 2003 were for Singapore (from 4.7 percent to 3.8 percent), South Korea (from 5.6 percent to 5 percent), Malaysia (from 5.2 percent to 4.7 percent), and Indonesia (from 4 percent to 3.6 percent).

Forecasts for China (7.5 percent), Thailand (4.1 percent), and the Philippines (3.9 percent) were unchanged.

I'm not an economist and I don't even play one on tv. Still, I'm not entirely clear on what revising the ROK growth projections down from 5.6 percent to 5 percent actually means. As long as the economy is growing, I presume that is generally good, right? I obviously need to read more Brad DeLong or something.