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WB report: East Asia, Pacific need new sources of growth
By Wang Yanlin |
May 23, 2012, Wednesday
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Online Edition
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THE World Bank projected today that East Asian and Pacific economies will grow at a slower pace of 7.6 percent this year, mainly due to slower expansion in China.
With the world's economic crisis expected to continue, the bank suggested that the region reduce its reliance on exports and find new sources of growth, according to the bank's East Asia and Pacific Economic Update.
"Risks emanating from Europe have the potential to affect the region through links in trade and finance," said Bert Hofman, World Bank's chief economist for the East Asia and Pacific Region.
"The European Union, the United States and Japan account for more than 40 percent of the region's exports, and European banks provide one third of trade and project finance in Asia," Hofman said.
Last month, the World Bank based in Washington DC cut its forecast of China's gross domestic product growth in 2012 to 8.2 percent from its previous estimate of 8.7 percent, saying the world's second-largest economy will go through a gradual adjustment of economic growth.
It attributed China's slowdown to a weaker global economic environment and tighter domestic policies.
The region reported an annualized growth of 8.2 percent last year (excluding Japan), a sharp decline from the nearly 10 percent growth rate in 2010.
China is a star performer in the region. Without its contribution, the region's growth rate would retreat to a mere 4.3 percent last year.
To sustain growth, the bank suggested that East Asian and Pacific countries should rely more on their own.
"As external demand is likely to remain weak, countries in the region need to rely less on exports and more on domestic demand to maintain high growth," the report said.
"Already, many countries are moving in this direction, but there is further scope for rebalancing," it added.
China's GDP expanded 8.1 percent from a year earlier in the first quarter, the slowest pace in nearly three years.
With the world's economic crisis expected to continue, the bank suggested that the region reduce its reliance on exports and find new sources of growth, according to the bank's East Asia and Pacific Economic Update.
"Risks emanating from Europe have the potential to affect the region through links in trade and finance," said Bert Hofman, World Bank's chief economist for the East Asia and Pacific Region.
"The European Union, the United States and Japan account for more than 40 percent of the region's exports, and European banks provide one third of trade and project finance in Asia," Hofman said.
Last month, the World Bank based in Washington DC cut its forecast of China's gross domestic product growth in 2012 to 8.2 percent from its previous estimate of 8.7 percent, saying the world's second-largest economy will go through a gradual adjustment of economic growth.
It attributed China's slowdown to a weaker global economic environment and tighter domestic policies.
The region reported an annualized growth of 8.2 percent last year (excluding Japan), a sharp decline from the nearly 10 percent growth rate in 2010.
China is a star performer in the region. Without its contribution, the region's growth rate would retreat to a mere 4.3 percent last year.
To sustain growth, the bank suggested that East Asian and Pacific countries should rely more on their own.
"As external demand is likely to remain weak, countries in the region need to rely less on exports and more on domestic demand to maintain high growth," the report said.
"Already, many countries are moving in this direction, but there is further scope for rebalancing," it added.
China's GDP expanded 8.1 percent from a year earlier in the first quarter, the slowest pace in nearly three years.
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