WB cuts East Asia forecasts
- Published: 7 Oct 2013 at 13.24
- Online news:
The World Bank lowered its forecasts for East Asia's developing countries this year and next, and said the region must boost efforts to ensure financial stability ahead of interest-rate increases in advanced economies.
Developing East Asia will probably expand 7.1% in 2013 and 7.2% in 2014, the Washington-based lender said in a report on Monday, down from April predictions of 7.8% and 7.6% respectively. China may grow 7.5% in 2013, lower than an April forecast of 8.3%, it said.
"The risks to the global recovery from the uncertainty surrounding the fiscal deadlock in the United States, the impact of the withdrawal of monetary stimulus from the advanced economies, an abrupt slowdown of investment in China (CNGDPYOY), and unrests in the Middle-East remain prominent," the World Bank said in its East Asia and Pacific Economic Update on Monday.
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