World Bank Cuts East Asia Growth Forecast, Warns of Risks To Outlook

World Bank Cuts East Asia Growth Forecast, Warns of Risks To Outlook

East Asia’s and China’s 2015 growth forecast has been cut by the World Bank which went on to state that there is “significant” risks which are brought about by global uncertainties which include the potential impact from a dollar which is strengthening and high U.S. interest rates.

World Bank, which is located in Washington, predicts that developing East Asia and the Pacific (EAP) region which also includes China will grow 6.7% in 2015 and 2016 this figure was lower if compared to the 6.9% figure that was recorded back in 2014.

The new figures are down from the previous forecast which was made by World Bank. Earlier World Bank figures which were announced back in October showed that there will be a growth of 6.9% in 2015 and 6.8% in 2016.

Many believe that China’s economy is bound to slow down this year due to new policies that have been introduced. According to officials in China the new policies are aimed at putting China’s economy on a greater footing as well as tackling financial vulnerabilities which might occur, the World Bank stated in a report that was published on Monday on the latest East Asia and Pacific Economic Update.

According to the World Bank, China’s economy is set to slow down by 7.1% in 2015 and 7.0% in 2016, from initial figure of 7.4% which was recorded back in 2014. Previous forecast with regards to how China’s economy will perform so a 7.2% growth in 2015 and a 7.1% growth in 2016.

 

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