World Bank trims Asia Pacific growth forecasts, markets lower ___________________________________________________ Asian markets were all down Monday after the World Bank trimmed its growth forecast for China and other Asian economies, while an impasse persists among U.S. politicians over the budget. The World Bank lowered its outlook on Chinese GDP growth and other Asian economies for both 2013 and 2014 citing slower growth and weaker commodity prices. Most of East Asia is now forecast to grow at a rate of 7.1% this year and 7.2% in 2014, down from an earlier estimate of 7.8% and 7.6% each, respectively. China is expected to expand at a rate of 7.5% this year and 7.7% in the next, even below the IMF’s estimates for a 7.5% growth in 2013. Moreover, the Asia Pacific Economic Cooperation (APEC) said it expects a slower and a less balanced global growth pace in the upcoming period, as most of the major global economies agreed to refrain from increasing trade and investments restrictions in order to boost growth. From another side, the Group of 20 said the current slowdown in China and India affects the Asian region. Asia Development Bank expects a four-year low expansion pace in 2013, which added pressure on policy makers to spur their economies.
Posted on: Mon, 07 Oct 2013 07:20:55 +0000
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