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East Asia a "bright spot" amid economic gloom: World Bank

Published on Dec 19, 2012 4:20 PM
 
A man rides an electric bike along a street in the central business district in Beijing on Nov  30, 2012. Weak demand for Asian exports will lead to slower growth over the next two years but the region will still outperform the West, the World Bank said. -- PHOTO: AFP

WEAK demand for Asian exports will lead to slower growth over the next two years but the region will still outperform the West, the World Bank said.

It forecasts that Asia overall will grow 7.5 per cent this year and 7.9 per cent next year.

"This is lower than the 8.3 per cent growth last year, mainly on account of China's slowdown, which happened largely in the first half of the year," noted the World Bank's chief economist for East Asia and Pacific, Mr Bert Hofman.

Mr Hofman was speaking at a briefing here to launch the bank's latest East Asia and Pacific Economic Update.

 
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