The World Bank kept its 2017 economic growth forecast for developing East Asia and the Pacific unchanged, but added the region is vulnerable to any sharp slowdown in global trade or tightening in financial conditions.
The Washington-based lender expects the developing East Asia and Pacific (EAP) region, which includes China, to grow 6.2 per cent in 2017, slowing from 6.4 per cent growth last year. It sees growth slowing further to 6.1 per cent in 2018, compared with its previous forecast in October of 6.0 per cent growth.
“Growth in developing East Asia and Pacific is expected to remain resilient, as continued buoyancy in domestic demand, including public and increasingly private investment, is supported by strengthening external demand,” the World Bank said in its latest East Asia and Pacific Economic Update report on Thursday.
“Nevertheless, global and regional vulnerabilities mean that the positive prospects for growth and poverty reduction in the region in this base case are subject to significant risks.”
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