The World Bank Has Cut Its Chinese GDP Growth Forecasts

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%.

Now read: China Stimulated Its Economy Like Crazy After The Financial Crisis… And Now The Nightmare Is Beginning

Follow Business Insider Australia on Facebook and Twitter

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.