The World Bank lowered its 2013 economic growth forecast for China and developing East Asia on Monday, but maintained that the region will continue to power global growth this year.
“Developing East Asia is expanding at a slower pace as China shifts from an export-oriented economy and focuses on domestic demand,” the World Bank said in its latest East Asia and Pacific Economic Update.
“Growth in larger middle income countries including Indonesia, Malaysia, and Thailand is also softening in light of lower investment, lower global commodity prices and lower-than-expected growth of exports,” it said.
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