The World Bank has trimmed its forecasts for economic growth in East Asia, with the slowdown in China set to counter the benefits of lower oil prices and improved activity in the developed world.
China is now expected to expand at 7.1 per cent this year, the bank said on Monday, down from a previous projection of 7.2 per cent. The growth rate is expected to drop to 7 per cent in 2016 and 6.9 per cent the following year.
“Continued measures to contain local government debt, contain shadow banking, reduce excess capacity, curb energy demand, and control pollution will reduce investment and manufacturing growth [in China],” the bank said in a report on East Asian economies.
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