East Asian, Pacific economies to grow 7.6 per cent, World Bank says
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East Asian and Pacific economies are projected to grow 7.6 per cent this year, compared with 8.2 per cent in 2011, as China's expansion slows, the World Bank said Wednesday.
The World Bank report Capturing New Sources of Growth warned the region to reduce its traditional reliance on export-driven growth as the global economy slows in 2012, dragged down by Europe's ongoingcrises.
"Risks emanating from Europe have the potential to affect the region through links in trade and finance," said Bert Hofman, World Bank chief economist for the East Asia and Pacific Region.
He noted that the European Union, United States and Japan account for 43 per cent of the region's exports, while European banks provide one-third of trade and project finance in Asia.
East Asia's exports have slowed considerably since mid-2011, and the World Bank forecast that export growth will weaken further in2012 as growth slows in China, the destination of 18 per cent of theregion's commodity exports.//DPA
