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WB: easing growth in Asia Pacific region
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Economic growth in the East Asia and Pacific region is expected to ease in the coming years, weighed down by slower growth in China, the World Bank Group said in a report released today.
Growth in the region is expected to ease from 6.5 percent in 2015 to 6.3 percent in 2016 and 6.2 percent in 2017 and 2018, the World Bank said in its East Asia and Pacific Economic Update.
The forecast reflects slower growth in China, where the pace is expected to moderate from 6.9 percent last year to 6.7 percent this year and 6.5 percent in 2017, as the world’s second largest economy shifts to a more sustainable growth pattern, the bank said.
Excluding China, the region actually may see a slight recover, with growth rate picking up from 4.7 percent in 2015 to 4.8 percent in 2016 and 4.9 percent in 2017 and 2018.
“The region has benefited from careful macroeconomic policies, including efforts to boost domestic revenue in some commodity-exporting countries,” said Victoria Kwakwa, incoming vice president of World Bank East Asia and Pacific Regional.
The growth is to be led by large Southeast Asian economies including the Philippines and Vietnam, though the outlook for individual countries varies, depending on their trade and financial relationships with developed economies and China, as well as their dependence on commodity exports, the bank said.
In the face of challenging global environment, the bank called for continued macroeconomic prudence and sustained structural reform in the region to boost productivity and promote growth.
In China, it suggests the government strengthening market discipline in the financial sector and allowing credit allocation to be more market-driven. It also urges opening up sectors dominated by state-owned enterprises to greater competition; and continuing to reform the household-registration system.
China also needs to shift public spending from infrastructure toward public services, such as education, health, and social assistance, and towards environmental protection, the bank said.
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