"Developing East Asia is expanding at a slower pace as China shifts from an export-oriented economy and focuses on domestic demand. Growth in larger middle income countries including Indonesia, Malaysia, and Thailand is also softening in light of lower investment, lower global commodity prices and lower than expected growth of exports," the World Bank said in its East Asia Pacific Economic Update, which was released on Monday.
According to the report, the World Bank cut forecasts for developing countries in the region to 7.1% in 2013 and 7.2% in 2014, from its prior projections last April of 7.8% and 7.6%, respectively.
The lender also dropped its forecasts for China to 7.5% this year and 7.7% next year from its prior estimates of 8.3% and 8%, respectively.
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According to the report, the World Bank cut forecasts for developing countries in the region to 7.1% in 2013 and 7.2% in 2014, from its prior projections last April of 7.8% and 7.6%, respectively.
The lender also dropped its forecasts for China to 7.5% this year and 7.7% next year from its prior estimates of 8.3% and 8%, respectively.
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