The World Bank has cut its 2013 growth forecast for developing East Asia, citing weak commodity prices, slowing consumer demand, and China’s efforts to restructure its economy away from exports.
The Washington-based organisation said in its semi-annual economic report that East Asia will continue to be the biggest driver of global growth, but now expects the region to expand by 7.1 per cent this year, down from its April projection of 7.8 per cent.
The bank also cut its China growth estimate from 8.3 per cent to 7.5 per cent, which it said was “primarily because the most recent expansion in credit has been less effective in generating growth”.
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