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- World Bank: developing East Asia will expand 6.3% in 2016
World Bank: developing East Asia will expand 6.3% in 2016
The World Bank released its forecast for economic growth in developing countries in East Asia and Pacific on Monday. Developing East Asia is expected to expand 6.3% in 2016, down from its October estimate of a 6.4% growth, and 6.2% in 2017, down from its October estimate of a 6.3% growth.
Developing East Asia grew 6.5% in 2015.
The downgrade was driven by a slowdown in the Chinese economy.
China is expected to grow 6.7% in 2016 and 6.5% in 2017, unchanged from October forecasts.
"The region has benefited from careful macroeconomic policies, including efforts to boost domestic revenue in some commodity-exporting countries. But sustaining growth amid challenging global conditions will require continued progress on structural reforms," incoming World Bank East Asia and Pacific Regional Vice President, Victoria Kwakwa, said.
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