Source: CCTV.com

04-07-2009 15:26

A World Bank forecast says developing economies of East Asia and the Pacific face slowing growth this year, but the region will remain the world's fastest-growing because of China's stimulus measures.

Gross domestic product in developing East Asia will expand 5.3 percent this year, according to the World Bank forecast released on Tuesday.

A World Bank forecast says developing economies of East Asia and the Pacific face slowing growth this year, but the region will remain the world's fastest-growing because of China's  stimulus measures.

That's down from its previous estimate of 6.7 percent growth, and lower than last year's 8 percent expansion, as the financial crisis affects exports and domestic demand. Still, it may take longer for emerging countries to return to high growth, because the financial system in the developed world is still at risk of turmoil. The World Bank said a return to stronger economic expansion in China next year should help support growth among the countries of the East Asia and Pacific region. It says China will expand 6.5 percent this year, down from an earlier forecast of 7.5 percent growth, as export demand weakens in the United States, Europe and Japan. However, China's 587 billion US dollars in stimulus spending will help the country shift growth to personal consumption and spending on services.

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Editor:Qin Yongjing