(MENAFN- Saudi Press Agency) Economic growth in East Asia was expected to slow to 7.2 per cent in 2012 from 8.2 per cent last year as China's expansion slows and demand from developed countries wanes, the World Bank said Monday, according to DPA.
Its latest outlook for the region was lower than the 7.6-per-cent
growth the international development lender predicted in May, but it
forecast a rebound in 2013 with 7.6-per-cent growth.
'Weaker demand for East Asia's exports is slowing the regional
economy, but compared to other parts of the world, it's still growing
strongly, and thriving domestic demand will enable the region's
economy to bounce back to 7.6 per cent next year,' said Pamela Cox,
the World Bank's vice president for the region.
Economic troubles in developed countries have slowed their imports
of Asia-made goods, so demand from the developing world would
primarily drive growth in Asia, the Washington-based bank said.
Countries in the region that rely on exports should rebalance
their economies by encouraging consumer spending, it advised.
The world economy would see growth of 2.3 per cent this year, down
from 2.8 per cent last year, but it should expand to 2.6 per cent in
2013, the World Bank said.
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