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Earlier today, the World Bank slashed its outlook for growth in China to 7.7 per cent in 2012 and 8.1 per cent in 2013, down from 8.2 per cent and 8.6 per cent, respectively. Reuters’ Kevin Lim reports:
“Unlike the rest of the region, China is experiencing a double whammy — the growth slowdown is driven by weaker exports as well as domestic demand, in particular investment growth,” World Bank Chief Economist for East Asia and the Pacific Bert Hofman said at a briefing in Singapore.
For all of East Asia, the World Bank see 7.2 per cent growth in 2012 and 7.6 per cent growth in 2013. This is down from 7.6 per cent and 8.0 per cent.
“This is the slowest growth rate in the Asia Pacific region since 2001. It’s even slower than the peak of the financial crisis in 2009,” Hofman said.