The World Bank has cut its 2013 China GDP growth forecast to 7.5%, down from the 8.3% it forecast in April.
The updated China forecast, published in the World Bank’s East Asia and Pacific Economic Update today, dragged down the World Bank’s 2013 regional growth forecast from 7.8% to 7.1%.
Via Reuters, here’s what the World Bank said:
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 expects Chinese GDP to grow by 7.7% in 2014, down from 8.0% in its April forecast, and the wider East Asian region to grow by 7.2% in 2014, down from its previous forecast of 7.6%.