World Bank Cuts Developing East Asia GDP Forecasts
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The World Bank lowered its forecasts for East Asia’s developing nations 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 percent in 2013 and 7.2 percent in 2014, the Washington-based lender said in a report today, down from April predictions of 7.8 percent and 7.6 percent respectively. China may grow 7.5 percent in 2013, lower than an April forecast of 8.3 percent, it said.