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World Bank cuts growth forecasts for Asian economies

by ChemOrbis Editorial Team -
  • 05/10/2015 (13:46)
According to media reports, the World Bank cut its economic growth forecasts for the Asia Pacific region for this year and 2016 due to the persistently slowing Chinese economy and possible US rate increase in the upcoming months. The World Bank reported on Monday that they expect Asian economies to grow by 6.5% this year and 6.4% in 2016, lower than previous estimates of 6.7%. The bank’s latest economic growth projection for Asia is also weaker than the region’s economic growth rate of 6.8% in 2014.

According to the World Bank, the slowing Chinese economy will weigh down on the global economy and any possible rate hike by the US Fed will also exert downward pressure especially on developing economies as the US dollar is already on a stronger note against many countries’ local currencies.

According to the World Bank, the Chinese economy will expand by 6.9% in 2015 and 6.7% in 2016, down from their earlier expectations which called for growth rates of 7.1% and 7%, respectively.
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