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World Bank cuts East Asia, Pacific economic growth forecasts

by ChemOrbis Editorial Team -
  • 11/04/2016 (11:51)
According to media reports, the World Bank cut its economic growth forecasts for the East Asia and Pacific region for 2016 and 2017 due to uncertain growth in the Chinese economy, volatile financial markets and lower commodity prices.

According to the World Bank, the East Asian and Pacific economies, including China, will grow by 6.3% in 2016 and 6.2% in 2017, lower than its previous estimates of 6.4% and 6.3%. The bank’s latest economic growth projection for the region was also weaker than its economic growth rate of 6.5% in 2015.

On a country basis, the World Bank projects economic growth of 6.7% in 2016 and 6.5% in 2017 for China, 4.4% and 4.5% for Malaysia, 2.5% and 2.6% for Thailand and 5.1% and 5.3% for Indonesia. The bank also expects an economic growth of 6.4% for the Philippines in 2016.
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