World Bank raises E. Asia outlook, sees China growing 8.4%

December 19, 2012 04:06

SINGAPORE - The World Bank raised its 2013 economic growth forecasts for China and developing East Asia on Wednesday, and said the region remained resilient despite the lacklustre performance of the global economy.

"For 2013, we expect the region to benefit from continued strong domestic demand and a mild global recovery that would nudge the contribution of net exports to growth back into positive territory, a trend projected to continue into 2014," the World Bank said in its latest East Asia and Pacific Economic Update.

"Most countries in the region have retained their strong macroeconomic fundamentals and should be able to withstand external shocks," it added, although it warned of risks such as a sharp drop in investment growth in China that could shake global confidence and a US failure to reach an agreement on tax increases and spending cuts before the end of the year.

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